Stifel analyst Brad Reback raised the firm’s price target on Elastic to $130 from $99 and keeps a Buy rating on the shares after the company posted Q3 results that “beat across all key metrics.” The beat was driven by self-managed outperformance, but consistent with many of the other consumption-based vendors, management spoke of stabilizing cloud consumption patterns as customers increase their usage versus commitments, the analyst tells investors. Despite the short-term trading dynamics, the firm believes that the stabilizing consumption trends and the large and growing GenAI opportunity positions Elastic for relative outperformance in coming quarters.
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