Elastic price target raised to $70 from $60 at DA Davidson

DA Davidson raised the firm’s price target on Elastic (ESTC) to $70 from $60 and keeps a Neutral rating on the shares. The company’s ElasticON AI event featured a deep dive on its new features while the company also emphasized its commitment to Generative AI, the analyst tells investors in a research note. The firm adds that its core thesis on the company is unchanged, though its higher price target reflect the Splunk (SPLK) takeout by Cisco (CSCO) that creates a new “valuation floor” for Elastic shares.