Barclays Downgrades Elastic to Equal-Weight, Raises Price Target to $110
Portfolio Pulse from Benzinga Newsdesk
Barclays analyst Raimo Lenschow has downgraded Elastic (NYSE:ESTC) from Overweight to Equal-Weight while increasing the price target from $100 to $110.

January 12, 2024 | 10:06 am
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Barclays analyst downgraded Elastic from Overweight to Equal-Weight but raised the price target from $100 to $110.
The downgrade to Equal-Weight suggests a neutral outlook, indicating that the stock may perform in line with the market or sector. However, the increase in the price target to $110 implies a positive view on the company's value, which could counterbalance the downgrade's impact. The mixed signals may lead to a neutral short-term price movement as the market digests both pieces of information.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100