Elastic price target raised to $132 from $98 at Stifel

Stifel analyst Brad Reback raised the firm’s price target on Elastic (ESTC) to $132 from $98 and keeps a Buy rating on the shares. Elastic posted “a rebound quarter” with greater than 3% top-line upside, driven by a recovery in the go-to-market that contributed to strong sales execution with multi-year commitments, as well as healthy consumption trends that were stronger in Elastic’s largest customers, the analyst tells investors. The firm believes the improving sales execution, strong consumption trends, the large/growing GenAI opportunity, and ongoing operational efficiency positions Elastic for relative out performance in coming-quarters, the analyst added.