Elastic price target lowered to $120 from $130 at Stifel

Stifel lowered the firm’s price target on Elastic to $120 from $130 and keeps a Buy rating on the shares. Elastic posted 4Q results that beat across all key metrics and management remains bullish on its AI opportunity, the analyst tells investors. The firm believes that the stabilizing consumption trends and the large/growing GenAI opportunity positions Elastic for “relative outperformance in coming quarters,” but adjusts its target to account for multiple compression across the group.