Barclays analyst Raimo Lenschow upgraded Elastic to Overweight from Equal Weight with a price target of $95, up from $90. The firm continues to see an “uneven performance” for the software names, due to the combination of the macro environment remaining mixed, and uncertainty on how generative artificial intelligence will impact the space. With Elastic’s valuations levels “reset,” the Barclays recommends taking advantage of the resulting lower share price as a buying opportunity. The analyst says the company’s go-to-market headwinds tend to be short-term in nature, helping drive better growth in the future.
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