Elastic price target lowered to $77 from $80 at Barclays

Barclays analyst Raimo Lenschow lowered the firm’s price target on Elastic to $77 from $80 and keeps an Overweight rating on the shares. After previously stating macro was not a meaningful factor, Elastic started to see smaller business and international headwinds materialize in October and provided guidance that is baking in meaningful pressure, Lenschow tells investors in a research note. The downward revenue reset will drive shares lower in the short term "and likely will keep them in the penalty box until management has a chance to re-establish the bullish narrative," says the analyst.