Elastic price target lowered to $110 from $115 at Canaccord

Canaccord lowered the firm’s price target on Elastic (ESTC) to $110 from $115 and keeps a Buy rating on the shares. The firm said its business performed admirably in Q4, demonstrating upside on both the top- and bottom-line however, within the revenue outperformance, Elastic Cloud came in a hair lower than expectations with the self-managed business showing greater strength in the quarter. Canaccord sees upside on what they view as an amply conservative guide with potential for Elastic to meaningfully beat-and-raise throughout the year.