Elastic price target lowered to $65 from $80 at DA Davidson

DA Davidson analyst Gil Luria lowered the firm’s price target on Elastic (ESTC) to $65 from $80 and keeps a Neutral rating on the shares. The company reported healthy Q3 results with numbers landing ahead of expectations but a conservative guide on total revenue and less contribution to growth from cloud adoption sent shares lower after results, the analyst tells investors in a research note. Self-managed revenues contributed more in the quarter as customers lean towards having greater cost controls around AI use cases, the firm added.