Truist lowered the firm’s price target on Elastic (ESTC) to $105 from $120 but keeps a Buy rating on the shares. The company delivered mixed Q2 results as self-managed revenue drove upside while SaaS business underperformed the firm’s expectations slightly, the analyst tells investors in a research note. Despite the results, Elastic raised its FY outlook as improving go-to-market execution drove large deals and GenAI adoption broadened further, Truist added.
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ESTC: