Scotiabank starts ‘extremely well positioned’ Elastic at Outperform

As previously reported last night, Scotiabank initiated coverage of Elastic with an Outperform rating and $185 price target. The firm views Elastic as “extremely well positioned to benefit from the tidal wave of enterprise generative AI adoption” given that Elastic is uniquely positioned as a multi-modal service provider with a very large search install base. The firm, which expects a direct benefit to Elastic’s financial model and a possible sustained beat-and-raise cycle in FY25, thinks Elastic could be the generative AI “double-double,” the analyst tells investors.