Scotiabank Maintains Sector Outperform on Elastic, Lowers Price Target to $92
Portfolio Pulse from Benzinga Newsdesk
Scotiabank analyst Patrick Colville maintains a Sector Outperform rating on Elastic (NYSE:ESTC) but lowers the price target from $135 to $92.

August 30, 2024 | 3:32 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Scotiabank has maintained its Sector Outperform rating for Elastic but has reduced the price target from $135 to $92, indicating a more cautious outlook.
The maintenance of a Sector Outperform rating suggests continued confidence in Elastic's performance relative to its sector. However, the significant reduction in the price target from $135 to $92 indicates a more cautious outlook on the company's future stock price performance, likely due to revised expectations or market conditions. This mixed signal could lead to short-term downward pressure on the stock price as investors reassess their positions.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100