Elastic price target raised to $90 from $78 at BofA

BofA analyst Koji Ikeda raised the firm’s price target on Elastic to $90 from $78 and keeps a Buy rating on the shares. The firm is more confident in Elastic’s positioning as a “strategic generative AI tech stack disruptor” after attending the company’s ElasticON AI event, the analyst tells investors. The firm now applies a higher multiple to its estimates given higher confidence in Elastic’s differentiation, the analyst added.