Elastic price target lowered to $80 from $100 at DA Davidson

DA Davidson lowered the firm’s price target on Elastic (ESTC) to $80 from $100 and keeps a Neutral rating on the shares. The company reported Q2 results with numbers landing ahead of expectations but also saw mixed growth trends across segments as well as a deceleration of cloud growth, which sent shares lower afterhours, the analyst tells investors in a research note. The firm adds however that Elastic was partially impacted by pushed deals in the quarter due to the government shutdown, also noting that its management remains optimistic about the business given the company’s “strong commitments and healthy consumption trends”.