Elastic price target raised to $130 from $120 at Rosenblatt

Rosenblatt raised the firm’s price target on Elastic (ESTC) to $130 from $120 and keeps a Buy rating on the shares. The firm expects the stock to react positively in the near term to fiscal Q2 report. Elastic has recovered from its Q1 sales reorganization disruption and is increasingly benefiting from customers building generative artificial intelligence applications using its vector database features, the analyst tells investors in a research note. The firm marginally increased forecasts and is encouraged by the recovery in sales execution and the growing demand around GenAI application development.