Goldman Sachs Maintains Neutral Rating for Elastic: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
Goldman Sachs has maintained a Neutral rating for Elastic (NYSE:ESTC) but raised its price target from $83.00 to $93.00. Despite this, Elastic's shares are trading down 0.9% at $109.21, and the new price target suggests a potential decline of 14.84% from the current price. Elastic is a software company that specializes in enterprise search, observability, and security.
December 04, 2023 | 5:00 pm
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Goldman Sachs maintains a Neutral rating on Elastic and raises the price target to $93, indicating a potential downside of 14.84% from the current trading price of $109.21.
The maintenance of a Neutral rating by Goldman Sachs does not change the investment outlook significantly, but the increase in price target to $93, which is still below the current trading price, could be seen as a negative signal, suggesting that Goldman Sachs analysts believe the stock is overvalued at its current price. This could lead to a negative short-term impact on the stock price as investors adjust their expectations.
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IMPORTANCE 75
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