Elastic price target raised to $136 from $130 at Citi

Citi analyst Tyler Radke raised the firm’s price target on Elastic (ESTC) to $136 from $130 and keeps a Buy rating on the shares. Management commentary intra-quarter around deal closure and continued momentum from an ESRE product cycle has been “largely positive,” while the firm’s partner conversations indicated strong ESRE demand, offset by continued small business softness, the analyst tells investors. The firm is “optimistic” heading into Elastic’s fiscal Q2 report as it expects the company to recover from the go-to-market missteps seen in Q1, the analyst added in a preview.