Elastic price target raised to $140 from $132 at Stifel

Stifel analyst Brad Reback raised the firm’s price target on Elastic (ESTC) to $140 from $132 and keeps a Buy rating on the shares after the company posted revenue that beat expectations by greater than 3%, driven by broad-based strength across the portfolio. The firm believes improving go-to-market execution, strong consumption trends, the large and growing GenAI opportunity, and ongoing operational efficiency position Elastic for relative outperformance in coming quarters, the analyst tells investors.