Elastic’s medium-term targets ‘better than expected,’ says TD Cowen

Elastic (ESTC), at its user conference and analyst day event, outlined a better-than-expected framework for the medium-term, with 15%+ sales-led subscription growth and 5%+ GenAI tailwinds, for a 20%+ target growth profile, TD Cowen tells investors in a research note. The firm, which has a Hold rating and $105 price target on the shares, is cautious on the 5% AI piece, but is comfortable supporting the 15% base growth.