On Monday, Elastic (NYSE: ESTC) stock got a boost in advance of its looming quarterly earnings report. An analyst reiterated his bullish take on the artificial intelligence (AI)-powered business software specialist, and the market reacted in kind. Investors pushed the stock's price up by 1.7%, a figure that contrasted favorably with the 0.3% decline of the benchmark S&P 500 index.

That day, Rosenblatt's Blair Abernathy published a fresh research note on Elastic. In the analysis, he reiterated his buy recommendation on the AI stock, and his $136 per-share price target. This anticipates growth of almost 27% from the latest closing price.

Elastic is currently gearing up to release its first quarter of fiscal 2025 fundamentals this Thursday after market close. Abernathy wrote that he expects the company to perform in line with estimates, "as we believe that this past quarter it continues to grapple with elongated enterprise selling cycles, budget scrutiny around digital transformation program spending, and small and mid-sized business segment weakness."

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Source Fool.com