Elastic price target raised to $135 from $92 at Scotiabank

Scotiabank raised the firm’s price target on Elastic (ESTC) to $135 from $92 and keeps an Outperform rating on the shares. The company delivered a strong print, and the firm’s checks continue to show Elastic is well positioned to benefit from generative AI adoption, the analyst tells investors. The firm sees nice optionality for Elastic into 2025.