As previously reported, Monness Crespi downgraded Elastic (ESTC) to Neutral from Buy with no price target after the company reported a “mixed” fiscal Q2, issued a “healthy” Q3 outlook and boosted its FY26 guidance. While the firm is raising its FY26 estimates, it is downgrading shares as it contends that Elastic “needed to deliver a cleaner quarter with more sizzle to pacify investors” in the current environment. The macro backdrop remains “treacherous,” but the firm believes Elastic is well positioned for secular trends and to participate in gen AI, the analyst added.
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Read More on ESTC:
- Elastic downgraded to Neutral from Buy at Monness Crespi
- Elastic price target lowered to $113 from $120 at JPMorgan
- Elastic price target lowered to $110 from $120 at Morgan Stanley
- Elastic price target lowered to $116 from $122 at Guggenheim
- Elastic price target lowered to $110 from $125 at Piper Sandler