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.
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