Morgan Stanley analyst Sanjit Singh lowered the firm’s price target on Elastic (ESTC) to $110 from $120 and keeps an Overweight rating on the shares. After raising Q2 guidance at its investor day, a smaller revenue beat was “unexpected,” the analyst tells investors. While the quarterly report was “disappointing,” above-consensus FY26 guidance and strong large deal momentum keeps the firm at Overweight, the analyst added.
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