As previously reported, Scotiabank analyst Patrick Colville downgraded Elastic (ESTC) to Sector Perform from Outperform with a price target of $90, down from $121. While the firm’s analysis of the U.S. software sector based on approximately 40 recent checks reinforces its positive stance and makes it “incrementally more optimistic about IT budget growth,” the firm feels “less optimistic” about Elastic heading into 2026 despite calling it an “amazing” company.
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