Elastic NV rises after brokerage Wedbush upgrades to 'outperform'

Elastic

25/11/2024 15:28

(Updates)
    ** U.S.-listed shares of data analytics company Elastic NV
 ESTC.N  up 5.4% at $113.91 
    ** Wedbush upgrades stock to "outperform" from "neutral";
raises PT to $135 from $95
    ** ESTC looks to capitalize on growing AI demand for its
platform approach with more customers looking to consolidate
spend from legacy vendors to next-gen migration while
accelerating its express migration program - brokerage    
    ** Says this is the right time at the right place for
Elastic
     ** Separately, Citigroup raises PT to $150 from $136
following FQ2 results with a bounce back on bookings
        ** We believe GenAI is driving a renaissance in co's
core search business - Citigroup
  
        ** Barclays also raises PT to $138 from $105
  
    ** 19 of 26 analysts that track ESTC rate it "buy" or
higher, 7 "hold"; median PT is $130 - LSEG data
    ** Including session's move, stock is up 0.8% YTD
     

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))