Elastic price target lowered to $140 from $150 at BofA

BofA lowered the firm’s price target on Elastic to $140 from $150 and keeps a Buy rating on the shares. Elastic reported “good” Q4 results, though its FY25 total revenue growth guidance of 16% year-over-year at the midpoint was below the Street’s 17.3% forecast. However, BofA believes a guide below was widely anticipated and argues that the “good results and appropriately conservative guidance is welcoming during an earnings cycle where many of its software peers have reported results otherwise.”