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Investing.com - DA Davidson lowered its price target on Elastic NV (NYSE:ESTC) to $80.00 from $100.00 on Friday, while maintaining a Neutral rating on the stock. The new target aligns closely with InvestingPro’s Fair Value assessment, which suggests the stock is currently undervalued after falling 9.63% over the past week.
The firm cited mixed growth trends across segments and a deceleration of cloud growth, which sent shares lower in after-hours trading following the company’s second-quarter fiscal 2026 results. The stock is now trading at $69.73, hovering just above its 52-week low of $70.14.
According to DA Davidson, Elastic ’s quarterly numbers exceeded expectations, but the company was partially impacted by delayed deals due to the government shutdown.
Despite these challenges, the research firm noted that Elastic’s management remains optimistic about the business, citing strong commitments and healthy consumption trends.
DA Davidson maintained its Neutral rating on Elastic stock while adjusting the price target downward to $80 from the previous $100.
In other recent news, Elastic NV reported better-than-expected fiscal second-quarter results, prompting the company to raise its full-year fiscal 2026 revenue guidance by $18 million. Despite this positive performance, several analyst firms have adjusted their price targets for the company. Scotiabank lowered its price target to $76, citing competitive concerns and a "tad disappointing" top-line performance compared to guidance and cloud peers. Cantor Fitzgerald also reduced its price target to $85, attributing the decision to a deceleration in cloud growth, although they maintained a Neutral rating.
Meanwhile, Canaccord Genuity decreased its target to $115 due to broader multiple compression but still sees potential upside, maintaining a Buy rating. Rosenblatt, however, reiterated its $130 price target, highlighting the company’s 16% year-over-year revenue growth and a 22% increase in the Elastic Cloud segment. Jefferies lowered its price target to $105, pointing to growth concerns in cloud revenue and other key metrics, though they upheld a Buy rating. These developments reflect a mix of optimism and caution among analysts regarding Elastic’s future performance.
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