Scotiabank analyst Patrick Colville lowered the firm’s price target on Elastic to $154 from $185 and keeps an Outperform rating on the shares post the fiscal Q3 report. The company’s cloud growth was strong and it saw a re-acceleration in total revenue, the analyst tells investors in a research note. However, Elastic’s profitability didn’t rise as much as hoped, and the company plans to ramp investments in fiscal 2025 with only modest margin expansion, says the firm.
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