Elastic price target raised to $150 from $136 at Citi

Citi analyst Tyler Radke raised the firm’s price target on Elastic (ESTC) to $150 from $136 and keeps a Buy rating on the shares. The firm increased estimates following the company’s “strong” Q2 which it sys showed a strong recovery from the go-to-market missteps in Q1. The Q2 saw a bounce-back with accelerated bookings, billings growth and ramping generative artificial intelligence contribution, the analyst tells investors in a research note. Citi believes generative AI is “driving a renaissance in the company’s core search business” and sees the stock continuing to work with execution issues resolved and guidance that still looks conservative.