Wells Fargo analyst Andrew Nowinski raised the firm’s price target on Elastic to $70 from $67 and keeps an Equal Weight rating on the shares. The company reported solid fiscal Q1 results, highlighted by improved profitability, the analyst tells investors in a research note. Adoption of the platform for artificial intelligence use cases is starting to ramp, though it will have more of an impact in fiscal 2025, says the firm.
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Read More on ESTC:
- Elastic (NYSE:ESTC) Soars on Robust Q1 Performance
- Elastic price target raised to $86 from $83 at Barclays
- Elastic jumps 10% to $67.80 after Q1 earnings beat, FY24 guidance raise
- Elastic raises FY24 EPS view to $1.01-$1.11 from 94c-$1.06, consensus 99c
- Elastic sees Q2 adjusted EPS 23c-25c, consensus 20c