Elastic price target raised to $150 from $130 at Jefferies

Jefferies raised the firm’s price target on Elastic to $150 from $130 and keeps a Buy rating on the shares. The firm notes that expectations for Elastic look low, with consensus estimates of 18% revenue growth in FY25 given RPO acceleration to 24% growth. Jefferies views 8-times CY25 revenues as fair for this AI beneficiary with the potential to accelerate revenue growth and expand margins.