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.
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