Elastic initiated with a Buy at Guggenheim

Guggenheim initiated coverage of Elastic with a Buy rating and $100 price target, implying 39% potential upside. Elastic is best known as the leading enterprise search engine, enabling highly relevant results across corporate websites to product catalogs, and even powers the tech stacks of some competitors, the analyst tells investors in a research note. The firm says the generative artificial intelligence market should provide “sustainable tailwinds” to the company, even if the anticipated near-term benefit is overblown.