Barclays analyst Raimo Lenschow raised the firm’s price target on Elastic to $130 from $110 and keeps an Equal Weight rating on the shares. The analyst sees a continuation from the on-cycle trends for the off-cycle software earnings reporters, namely a solid Q4 and conservative guidance for the coming fiscal 2024. It will be tough calling the actual direction of share movements with such a set-up “given the greatly increased optimism,” the analyst tells investors in a research note. The firm prefers to stay conservative on the group.
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