Barclays analyst Raimo Lenschow lowered the firm’s price target on Elastic (ESTC) to $124 from $138 and keeps an Overweight rating on the shares as part of a Q1 earnings preview. The firm thinks off-cycle software results will mirror the on-cycle names with solid Q1 numbers but cautious guidance. The share price moves “will all be about positioning,” the analyst tells investors in a research note. Barclays likes “out-of-favor names” like Salesforce (CRM) or Workday (WDAY) and says Intuit (INTU) “also looks interesting.”
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