Canaccord analyst Kingsley Crane raised the firm’s price target on Elastic (ESTC) to $120 from $110 and keeps a Buy rating on the shares. The firm said Elastic’s business shined in its FQ1, with broad-based strength across both Self-managed and Cloud deployments. Sales-led subscription revenue, calculated as subscription revenue excluding monthly Elastic Cloud, grew by 22% year-over-year. Canaccord also views it guidance as conservative with potential for Elastic to meaningfully beat-and-raise throughout the year.
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