Elastic NV. (ESTC) PT Raised to $120 at Stifel on Improving Customer Commentary, Strong U.S. Federal Checks

Stifel analyst Brad Reback raised the price target on Elastic NV. (NYSE: ESTC) to $120.00 (from $107.00) while maintaining a Buy rating.

The analyst commented, "Earlier today we attended the ElasticON NYC conference, where we spoke to several partners and customers about their respective Elastic usage.Overall, the conversations were positive, and in particular highlighted strong momentum within the public sector business leading into the Federal fiscal year end, which we believe is very consistent with management's commentary on the strength of public sector over the past few quarters.Additionally, management also made a couple of product announcements focused on increasing agentic operations within Security and Observability, including AlertZero and nightshift AI SRE.With SaaS comps easing over the course of FY27 and the stock at a relatively undemanding valuation (~15X CY28 EV/FCF, 3.5x CY28 EV/Revs) for a company with improving top-line trajectory, we believe there remains a positive bias in the name in coming quarters. Based on the improving customer commentary and strong US Federal checks we increase TP to $120. "

You May Also Be Interested In

• Morgan Stanley Downgrades NEXTDC Ltd. (NXT:AU) to Equalweight
• Renishaw Plc. (RSW:LN) (RNSHY) PT Raised to GBP77.50 at UBS
• Canaccord Downgrades NextDC (NXT:AU) to Spec. Buy