Piper Sandler raised the firm’s price target on Elastic (ESTC) to $125 from $120 and keeps an Overweight rating on the shares. The firm notes the company added to the recent set of strong AI infrastructure prints, highlighted by cloud revenue accelerating 180bps to 24% year-over-year growth. Positive impacts from GTM changes, solid consumption trends and price increases helped drive a strong quarter on both cloud and self-hosted, leading to a raise to the full-year guide, Piper adds.
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