Elastic price target raised to $85 from $80 at Baird

Baird raised the firm’s price target on Elastic to $85 from $80 and keeps an Outperform rating on the shares. The firm said Q4 demonstrated a solid revenue/margins beat, and Cloud revenue showed a sequential rebound due to emergence of favorable consumption trends. 2024 revenue/margin guidance raised slightly, with likely upside from GenAI as growth-vector and stabilizing consumption.