Elastic price target raised to $130 from $110 at RBC Capital

RBC Capital raised the firm’s price target on Elastic (ESTC) to $130 from $110 and keeps an Outperform rating on the shares after its Q2 earnings beat. The company’s results were better relative to its Q1 performance, while the management’s overall tone was also positive, the analyst tells investors in a research note. Q1 go-to-market changes appear to be taking hold, with positive metrics around customer commitments – notably around GenAI – even though Elastic’s forward expectations were kept in check, RBC adds.