Elastic Poised to Accelerate Growth Amid Strengthening Generative AI Tailwinds, Oppenheimer Says

MT Newswires Live

Oct 10

Elastic (ESTC) is poised to accelerate growth as generative artificial intelligence tailwinds get stronger, Oppenheimer said in a note Thursday.

The brokerage said that at the company's investor day, management showed Elastic's "differentiated position" and its value-add in agentic AI.

Oppenheimer said management shared "encouraging" generative AI data points, such as net expansion of 16% for generative AI customers compared with 10% for others and a "steadily growing" AI adoption.

"We come away with increased conviction in Elastic's value proposition as an enabler of GenAI/Agentic AI-enabled applications and workflows," the firm said.

Oppenheimer maintained Elastic's outperform rating and $119 price target.

The company's shares were up more than 7% in recent Friday trading.

Price: 86.94, Change: +5.39, Percent Change: +6.61

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