Piper Sandler analyst Rob Owens raised the firm’s price target on Elastic (ESTC) to $135 from $130 and keeps an Overweight rating on the shares. Accelerating RPO and cloud growth were the highlights of Q3 performance, with execution showing solid stability for the 2nd quarter in a row, the firm says. The GenAI story continues to shine, with search showing further acceleration and about 18% of the $100K-plus customer cohort now using GenAI functionality. Piper thinks the level of stability seen in the business over the last two quarters is sustainable and believes Elastic continues to demonstrate its relevance in the GenAI world.
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