Elastic NV. (ESTC) PT Lowered to $125 at Canaccord Genuity
Canaccord Genuity analyst Kingsley Crane lowered the price target on Elastic NV. (NYSE: ESTC) to $125.00 (from $130.00) while maintaining a Buy rating.
The analyst commented: "We like the setup for Elastic exiting FY24 with FY25 guidance implying ~16% yoy growth. We don't see tough comps in each underlying revenue segment. Product momentum is as strong as its ever been, both in enhancing turnkey o11y and security solutions and in enabling customers to build with LLMs. Shares slipped ~8.5% in Thursday's trading session amidst a harsh broader software retreat. At ~6x CY25E sales, you're getting a high-teens to 20% top-line growth Rule of 30+ business exposed to a ramping AI investment cycle. Reiterate BUY, PT to $125 (from $130) reflecting broader multiple compression (~8x CY25E sales)."