Elastic NV. (ESTC) PT Raised to $195 at Jefferies; Stock Has 'Easiest Setup'

November 30, 2021 8:31 AM EST
Get Alerts ESTC Hot Sheet
Price: $69.54 -4.28%

Rating Summary:
    19 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 25 | New: 35
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Jefferies analyst Brent Thill raised the price target on Elastic NV. (NYSE: ESTC) to $195.00 (from $185.00) while maintaining a Buy rating, saying it has the "easiest setup" into EPS with F2Q21 rev guide implying 1% q/q growth vs 12%/13% in prior F2Qs.

The analyst commented, "ESTC has lagged the sector YTD (+9% vs. +21% on the IGV). We think the fundamental trends remain intact and F2Q total rev guide, which implies +1% q/q growth (vs. 12% in F2Q21 and +13% in F2Q20), is conservative. ESTC had a similar setup in F1Q (low-mid 30s total rev guide on a low-mid 40s comp) and ultimately landed at 50% y/y growth. FY22 rev growth guide can continue to move up by a few points (Street at +34% vs. +42% in FY21) with the magnitude of the upside being the key debate among investors. The company's $1B+ FY23 total rev target (near 30% CAGR) seems reasonable, given supportive metrics and underlying trends. Stock trades at 15x CY22E
revs (vs. DDOG at 44x)."



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