Elastic NV. (ESTC) PT Raised to $90 at Jefferies Following Analyst Day

Jefferies analyst Brent Thill raised the price target on Elastic NV. (NYSE: ESTC) to $90.00 (from $80.00) while maintaining a Hold rating following the company's analyst day, saying a $2 billion top line is well within reach.

The analyst commented, "ESTC hosted its analyst day in SF. Mgmt provided incremental details on its assumptions for $2B in rev by FY25, highlighting its focus on >$100K ACV customers and cloud mix to drive growth. The longer-term outlook was reiterated with limited upside to profitability margins, in our view. We believe there is ample room for sustained growth but remain concerned on profitability in the near future. The stock trades at 5x EV/CY23E rev (vs. SPLK at 4x and DT at 8x)."

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