Morgan Stanley raised the firm’s price target on Elastic (ESTC) to $120 from $115 and keeps an Overweight rating on the shares. Q1 total revenue growth of 18% was ahead of consensus, notes the analyst, who sees the AI Search opportunity progressing as the security business is “finding its stride.” This “1-2 punch” paves the way for further revisions against “conservative” FY26 guidance, the analyst tells investors.
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