Elastic price target raised to $90 from $70 at DA Davidson

DA Davidson raised the firm’s price target on Elastic to $90 from $70 but keeps a Neutral rating on the shares. The company’s Q2 results were highlighted by an improvement in cloud growth with broad based demand, the analyst tells investors in a research note. Despite customers remaining focused on cost controls, the management believes that optimizations have stabilized and new products are gaining traction, the firm states, adding however that the stock’s valuation is now in-line with Elastic’s growth peers