Canaccord raised the firm’s price target on Elastic to $85 from $79 and keeps a Buy rating on the shares. The firm said they are positive on Elastic’s product capabilities and strategy in areas like vector search and generative AI but remain cautious on the ability for those workloads to move the needle in the near term and said the Q1 print was a welcome rebound performance after a mixed Q4.
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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