Stifel analyst Brad Reback raised the price target on Elastic NV. (NYSE: ESTC) to $90.00 (from $65.00) while maintaining a Buy rating.

The analyst commented, "As a reminder, management's financial focus centers around sales-led subscription revenue growth (contracted SaaS and self-hosted) rather than just SaaS as the company remains agnostic to how customer consume its products. That said, investors remain focused on core SaaS growth as evidenced by the stock's underperfomence post weaker-than-expected 4Q Cloud growth (Cloud revenue declined Q/Q for the first time in a 4Q despite typical seasonal patterns). With SaaS comps easing over the course of FY27 and the stock, even after the recent move, at an undemanding valuation (~13X C27 EV/FCF), we believe there remains a positive bias in the name in coming quarters. Increase our target price to $90."