Piper Sandler analyst Rob Owens lowered the firm’s price target on Elastic (ESTC) to $120 from $135 and keeps an Overweight rating on the shares. The firm notes modest downside to Q4 cloud results and lowered 2026 revenue expectations were the headline negatives on the quarter, but neither serves to change its longer-term thesis on Elastic. What seems to be a more conservative approach to guide will be welcomed by many, in Piper’s view, allowing for consistent execution to potentially materialize going forward.
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