Baird's decision to maintain its Outperform rating for Elastic indicates that the company is still expected to perform well in the market. However, the lowered price target from $76.00 to $60.00 suggests that Baird has adjusted its expectations for the stock's future performance. The short-term impact on Elastic's stock price is likely to be neutral, as the Outperform rating remains unchanged, but the lowered price target may cause some uncertainty among investors.