Elastic price target lowered to $90 from $136 at Citi

Citi analyst Tyler Radke lowered the firm’s price target on Elastic to $90 from $136 and keeps a Buy rating on the shares. The company reported "disappointing" Q2 results, featuring small business headwinds in cloud revenue and a "sudden decision" to shift business to self-service, resulting in a 13% workforce reduction, Radke tells investors in a research note. The analyst remains upbeat about Elastic’s cloud business but says the significant slowdown in the online/small business segment "will be a difficult headwind to offset in the near-term and is likely to drive continued slowing growth."