Elastic looks well-situated to capitalize on the generative AI craze overtaking Wall Street, according to Bank of America.
On the heels of strong fiscal first-quarter print Thursday, analyst Koji Ikeda reiterated his buy rating and $78 price target on the software maker, citing growing AI monetization opportunities.
Elastic's stock is up more 20% this year, with Bank of America's price target implying 26% upside from Thursday's close.
The stock popped nearly 16% before the bell after topping fiscal first-quarter results, reporting 24% year-over-year cloud revenue growth.
He expects an acceleration in the company's revenue growth trajectory in the second half of the 2024 fiscal year.
Persons:
Koji Ikeda, — CNBC's Michael Bloom
Organizations:
Bank of America, Bank of