Citi analyst Tyler Radke maintains $Elastic (ESTC.US)$ with a buy rating, and adjusts the target price from $136 to $150.
According to TipRanks data, the analyst has a success rate of 54.1% and a total average return of 8.3% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Elastic (ESTC.US)$'s main analysts recently are as follows:
Elastic's commendable second quarter results which bettered consensus expectations, indicate a positive trajectory for investors. This improvement is attributed to the company having successfully navigated past its go-to-market adjustments earlier in the year. The favorable outlook for the latter part of the year is expected to provide a robust setup for the company.
Following a 'strong' Q2 performance, the company demonstrated a significant recovery from go-to-market challenges encountered in Q1. The period in question showed not only accelerated bookings and billings growth but also a robust contribution from generative artificial intelligence technologies. It's believed that generative AI is catalyzing innovation in the company's core search business, with indications that there remain conservative expectations in the face of resolved execution issues.
Elastic's recent quarterly outcomes suggest that the shift in its sales organization may have been less disruptive than initially feared, although it remains a potential risk. The company's forecast for a total revenue growth of 10%-13% by the end of FY25, despite being cautious, appears somewhat modest given its involvement in the rapidly evolving markets of gen-AI, security, and observability.
Note:
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