Elastic price target raised to $83 from $70 at Stifel

Stifel raised the firm’s price target on Elastic to $83 from $70 and keeps a Buy rating on the shares. The company reported a top-line beat that was driven by “self-managed outperformance,” the analyst tells investors. Stifel believes the potential for greater near-term profitability and its current valuation positions the stock for modest relative outperformance in the upcoming quarters.