Elastic price target lowered to $113 from $120 at JPMorgan

JPMorgan lowered the firm’s price target on Elastic (ESTC) to $113 from $120 and keeps an Overweight rating on the shares. The firm cites recent meaningful peer multiple contraction for the target drop but is “encouraged” by the progress the company made this quarter. Elastic has a “healthier” pipeline with better visibility into its year-end growth target, the analyst tells investors in a research note.