Morgan Stanley lowered the firm’s price target on Elastic (ESTC) to $115 from $120 and keeps an Overweight rating on the shares. Q1 was “solid,” but a slight deceleration in cloud and below consensus outlook are weighing on shares, the analyst tells investors. However, the firm’s AI search thesis remains intact and it sees guidance reflecting “prudence not execution issues,” the analyst added.
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Read More on ESTC:
- Elastic’s Growth Potential Highlighted by Strong Q4 Performance and AI Initiatives Despite Short-Term Challenges
- Elastic price target lowered to $120 from $135 at Piper Sandler
- Elastic’s Conservative FY26 Revenue Guidance and Market Conditions Justify Hold Rating
- Elastic’s Strategic Initiatives and GenAI Momentum Justify Buy Rating Despite Conservative FY26 Outlook
- Elastic’s Growth Potential Amid Challenges: Analyst Optimistic on AI and Large Customer Momentum
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