Elastic price target raised to $100 from $86 at Barclays

Barclays analyst Raimo Lenschow raised the firm’s price target on Elastic to $100 from $86 and keeps an Overweight rating on the shares. The analyst sees reasons for Elastic shares to rally post the “strong” fiscal Q2 print. Cloud appears to have bottomed out last quarter, with 30% growth in Q2 serving as a proof point for better times ahead, the analyst tells investors in a research note. The firm says artificial intelligence continues to serve as a long-term catalyst, providing a framework for durable growth in the coming quarters and years.