Elastic price target raised to $148 from $140 at UBS

UBS analyst Austin Dietz raised the firm’s price target on Elastic (ESTC) to $148 from $140 and keeps a Buy rating on the shares. Elastic reported a stronger-than-expected Q3 print, with 26% constant currency Cloud revenue growth and a 3.5% total revenue beat, the analyst tells investors in a research note. The firm thinks AI/Elasticsearch Relevance Engine use cases might be beginning to contribute to the better Cloud revenue sequential dollar growth Elastic is reporting and increases its conviction the company is executing against its AI Search opportunity.