TD Cowen analyst Andrew Sherman lowered the firm’s price target on Elastic (ESTC) to $90 from $105 and keeps a Hold rating on the shares. The firm said Cloud revenues slightly missed Street, the first miss since 4Q23. FY26 revenues guide of 12% below Street of 14%, in part due to US Fed weakness seen in 1Q. Management believes this is de-risked but Cowen thinks this will need to be proven out.
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Read More on ESTC:
- Elastic price target lowered to $110 from $135 at Wedbush
- Elastic price target lowered to $92 from $109 at Cantor Fitzgerald
- Guggenheim lowers Elastic price target, recommends buying on weakness
- Elastic price target lowered to $115 from $125 at Baird
- Elastic price target lowered to $112 from $140 at Stifel
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