BofA raised the firm’s price target on Elastic to $108 from $90 and keeps a Buy rating on the shares after the company reported “strong” fiscal Q2 results that the firm says “demonstrate the strategic nature of Elastic,” which has been catalyzed by new demands for fast and relevant enterprise search to power AI strategies. The firm has raised its estimates and valuation multiple to account for the strong Q2 performance, “likely ongoing beat-and-raises,” and attractive AI tailwinds, the analyst tells investors.
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