Elastic price target raised to $86 from $83 at Barclays

Barclays raised the firm’s price target on Elastic to $86 from $83 and keeps an Overweight rating on the shares. The company beat low Q2 expectations, provided positive commentary around consumption trends and early vector search traction, and raised the low-end of fiscal 2024 revenue guidance while posting profitability upside again, the analyst tells investors in a research note. The firm sees the shares moving higher as investor positioning was skewed negative into the print.