In today’s briefing:
- Elastic: 2Q’FY24 Earnings Review – Elastic Cloud Is a Bright Spot, PT Raised To $121
Elastic: 2Q’FY24 Earnings Review – Elastic Cloud Is a Bright Spot, PT Raised To $121
- Elastic NV (ESTC US) reported a solid quarter, reflecting strong cloud revenue growth, ~13% non-GAAP operating margin and rapid adoption of ESRE.
- Elastic NV (ESTC US) shares rallied 35%+ during regular trading session and closed up ~37% on Friday at $110.20. I raised PT to $121 from $112.
- However, I downgrade Elastic NV (ESTC US) to Equal-weight from Overweight on valuation and expect the stock to trade in-line with peers.
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