Elastic surges on FY24 forecast raise, Q2 results beat

Elastic

01/12/2023 14:08

** U.S.-listed shares of Elastic NV  ESTC.N  surge 20.3% to
$96.7 premarket, on track to hit its highest level in over 1-1/2
years 
    ** The search engine software co lifts FY24 adj. EPS to the
range of $1.06-$1.15, from its previous forecast of $1.01-$1.11 
    ** Q2 results also beat Wall Street estimates 
    ** Brokerage Wells Fargo says co well-positioned to capture
generative AI workloads, sees it driving revenue in FY25;
upgrades stock to "overweight" from "equal-weight" 
    ** As many as 13 brokerages, including J.P.Morgan and
Barclays raise PT on stock after Q2 results 
    ** Of the 22 analysts covering stock, 15 say "buy" or
higher, and seven say "hold"; median PT stands at $100 - LSEG
data 
    ** Stock top performer on the NYSE as of 8.45 am ET 
    ** ESTC up 56% YTD until last close 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))