Monness Raises the Firm’s PT on Elastic N.V (ESTC), Keeps a Buy

Elastic N.V. (NYSE:ESTC) is one of the Tech Stocks to Buy with the Highest Upside Potential. On August 29, Brian White from Monness raised the firm’s price target on Elastic N.V. (NYSE:ESTC) from $111 to $150, while keeping a Buy rating on the stock.

The bullish sentiment comes after the company topped Wall Street estimates for its fiscal first quarter of 2026. The company delivered a revenue of $415.29 million, up 19.53% year-over-year, and ahead of consensus by $17.95 million. The EPS of $0.60 also topped expectations by $0.18. Analyst White noted that the revenue growth was helped by a 24% rise in cloud services. Moreover, the company is also benefitting from smart strategies like raising prices and focusing on generative AI. White believes that these moves improve its market position.

Management also raised its revenue and earnings forecasts for the next quarter and full fiscal year. It expects second-quarter revenue between $415 million and $417 million, while the full-year revenue is anticipated between $1.679 billion and $1.689 billion.

Elastic N.V. (NYSE:ESTC) is a data analytics company that provides a platform to help users find insights from large amounts of data.

While we acknowledge the potential of ESTC to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ESTC and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.