Elastic price target lowered to $70 from $95 at Piper Sandler

Piper Sandler analyst Rob Owens lowered the firm’s price target on Elastic to $70 from $95 and keeps an Overweight rating on the shares. The analyst says macro headwinds weighed on upside to the company’s fiscal Q2 results and forward guidance. While Elastic’s tone around long-term growth expectations "was clearly more uncertain" amid the macro and currency headwinds, there are positive trends in the larger enterprise customer base that is showing resiliency in consolidation trends, Owens tells investors in a research note. He believes the recent selloff in shares is likely overdone.