Stifel analyst Brad Reback lowered the firm’s price target on Elastic (ESTC) to $108 from $134 and keeps a Buy rating on the shares. Investors were disappointed by Elastic’s “skinny beat” after the company raised Q2 and fiscal year guidance at its early October analyst day, the analyst says. However, the company did highlight several large bookings during the quarter, giving management the confidence to raise its FY26 guide, adds the analyst, who believes the company is positioned to benefit from improving GTM execution, stable consumption trends, and a large/growing genAI opportunity.
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