Jefferies upgraded Elastic (ESTC) to Buy from Hold with a price target of $100, up from $75. The company has posted “two solid quarters of execution” and its revenue is accelerating heading into fiscal 2025, the analyst tells investors in a research note. The firm says the shares trading at a discount to publicly-traded peers, and 1.5 turns below the Splunk (SPLK) takeout. With the industry seeing consolidation and Elastic’s uniquely positioned to benefit from artificial intelligence workloads with search being at the forefront of AI, the company’s revenue could accelerate into fiscal 2025, says Jefferies.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on ESTC:
- Elastic initiated with a Hold at Needham
- Dynatrace upgraded to Buy from Neutral at DA Davidson
- Jefferies software/Internet analyst to hold analyst/industry conference call
- Cantor Fitzgerald software analysts to hold an analyst/industry conference call
- DA Davidson technology analysts to hold an analyst/industry conference call