Elastic price target raised to $122 from $107 at Guggenheim

Guggenheim analyst Howard Ma raised the firm’s price target on Elastic (ESTC) to $122 from $107 and keeps a Buy rating on the shares after the company “materially outperformed” on revenue and profit, guided to fiscal Q2 results above the Street and raised full-year revenue guidance. Although the firm expects smaller beats for the remainder of the year, it views total revenue guidance of 13% growth in constant currency and maintained non-GAAP operating margin of 16% as “conservative,” the analyst tells investors.