DA Davidson raised the firm’s price target on Elastic (ESTC) to $105 from $75 and keeps a Neutral rating on the shares. The company reported impressive Q1 results with accelerating revenue growth landing ahead of expectations and provided a better than expected guide, the analyst tells investors in a research note. Demand for Elastic’s AI Search functionality is increasing as AI and Agentic applications are created and security consolidation trends stood out in the quarter, the firm added.
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