Elastic upgraded to Outperform from Neutral at Baird

Baird upgraded Elastic (ESTC) to Outperform from Neutral with a price target of $135, up from $95. The firm says Elastic’s “significant unexpected turnaround” in execution, evident in the Q2 results, highlighted by strong commitments, healthy consumption, improved win-rates and generative artificial intelligence inflection are validating of its medium and long-term thesis. Management addressed the Q1 shortfalls “quickly and effectively, stabilizing territories and driving disciplined pipeline-management,” the analyst tells investors in a research note.