Elastic price target raised to $120 from $94 at BofA

BofA analyst Koji Ikeda raised the firm’s price target on Elastic (ESTC) to $120 from $94 and keeps a Neutral rating on the shares. The company’s “much better” quarterly results are implying that the sales organization shift may not have been as disruptive as previously thought, but it is still a lingering risk, the analyst tells investors. While the company’s updated FY25 guidance implying total revenue growth of 10%-13% year-over-year exiting FY25 is seen by the firm as having “conservatism and other factors built in,” it is also “somewhat uninspiring considering the end-markets” of gen-AI, security and observability that Elastic plays in, the analyst added.