Elastic price target raised to $107 from $87 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on Elastic to $107 from $87 and keeps an Outperform rating on the shares. The company delivered a strong quarter with cloud growth outperformance as management saw stabilizing optimization trends and continued workload consolidation,the analyst tells investors in a research note. Elastic’s GenAI is starting to show a direct contribution but also creating additional competitive differentiations, the firm adds.