Elastic price target lowered to $100 from $119 at Oppenheimer

Oppenheimer lowered the firm’s price target on Elastic (ESTC) to $100 from $119 and keeps an Outperform rating on the shares. The firm expects solid Q3 results from Elastic, with potential upside to guidance/consensus of 3%-4%. Oppenheimer’s checks suggest a stable competitive environment, steady consumption/commitment trends, and incremental gains in logs. The firm also remains positive on management’s execution tightening Elastic’s sales/GTM motion.