Elastic upgraded to Outperform from Neutral at Wedbush

Wedbush upgraded Elastic to Outperform from Neutral with a $135 price target It is time for the broader software space “to get in on the AI Party,” the analyst tells investors in a research note. The firm believes the use cases are “exploding,” the enterprise consumption phase will begin in 2025 with a launch of large language models across the board, and the true adoption of generative AI will be a major catalyst for the software sector. To reflect its increased bullishness on the next phase of the artificial intelligence revolution in the software sector into 2025, Wedbush upgraded Elastic (ESTC) and Snowflake (SNOW) to Outperform while also raising price targets on Palantir (PLTR) and Salesforce (CRM) heading into 2025.