Elastic price target raised to $111 from $96 at BofA

BofA raised the firm’s price target on Elastic (ESTC) to $111 from $96 and keeps a Neutral rating on the shares after the company reported “solid” fiscal Q1 results above the firm’s and Street estimates and FY26 total revenue guidance was raised. While the quarter was “good,” the revised outlook now calls for 13% year-over-year total revenue growth in constant currency that is like infrastructure software peers at 14%, the analyst tells investors.