Elastic price target lowered to $155 from $165 at Citi

Citi lowered the firm’s price target on Elastic to $155 from $165 and keeps a Buy rating on the shares. The company’s Q3 “beat/raise” was led by a stronger on-premise performance, with cloud growth modestly slowing and missing elevated expectations, the analyst tells investors in a research note. The firm says that while Elastic’s quarterly cloud growth was disappointing against improving industry optimizations, quarter-over-quarter cloud trends are inherently choppy, especially off a “spectacular” Q2 result.