Elastic NV. (ESTC) PT Raised to $108 at BofA Securities

BofA Securities analyst Koji Ikeda raised the price target on Elastic NV. (NYSE: ESTC) to $108.00 (from $90.00) while maintaining a Neutral rating.

The analyst comments "Elastic (ESTC) reported strong F1Q27 results, with revenue and non-GAAP operating income above Street expectations. The key metric: sales-led subscription (SLS) revenue growth in constant currency accelerated to +17% y/y from +16%, driven by improved sales execution, prior commitments converting into revenue, and some AI contributions. With ESTC trading at 3.4x EV/CY27E revenue, a discount to infrastructure peers at 5.8x, we believe the results should drive shares higher. While AI contributions appear to be increasing, growth remains below the mid-20s level typically associated with established AI beneficiaries. Nonetheless, improving execution leaves us more constructive. Reiterate Neutral."

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