As previously reported, Monness Crespi analyst Brian White upgraded Elastic (ESTC) to Buy from Neutral with a $111 price target Following a 12% decline in 2024, Elastic shares are down another 17% this year and while AI-fueled tech stocks climb to new all-time highs in 2025, Elastic sits 56% below its peak reached in late 2021, the analyst tells investors. With a depressed enterprise-value-to-revenue multiple relative to the consumption-based software group and “even our software universe at large,” the firm finds Elastic’s valuation “compelling at current levels” as the firm believes the company is well positioned for the gen AI movement, the analyst added.
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