Elastic price target raised to $135 from $110 at Jefferies

Jefferies raised the firm’s price target on Elastic (ESTC) to $135 from $110 and keeps a Buy rating on the shares after the company bounced back for Q1 “fumble” with an outsized beat-and-raise and a record operating margin in fiscal Q2. The firm is constructive on the strong enterprise consumption trends, search business acceleration from GenAI demand, and improving pipeline build, though the analyst also notes that peers are seeing backlog accelerate at a faster pace.