Elastic price target lowered to $135 from $154 at Scotiabank

Scotiabank analyst Patrick Colville lowered the firm’s price target on Elastic to $135 from $154 and keeps an Outperform rating on the shares. In Q4, the company’s Cloud growth re-accelerated and total revenue was strong, which was impressive compared to the company’s cloud consumption peers which had more mixed results this quarter, the analyst tells investors. Further, the firm continues to believe Elastic is well positioned to benefit from generative AI adoption.