Elastic NV tumbles after brokerages cut PT
U.S.-listed shares of data analytics firm Elastic NV ESTC.K 3E1.F fall 10.9% to $73.14 premarket after at least 10 brokerages cut PT
"While Elastic is present at the AI party, we have not found instances in which Elastic is owning the dance floor as an outsized spend beneficiary," says Scotiabank
Brokerage adds it sees Palo Alto's PANW.O acquisition of Chronosphere as a slight negative for the company
Wells Fargo says GenAI is helpful to core search business, but tailwinds need to extend to entire platform to be material
Jefferies notes that while GenAI monetization opportunity could boost co's growth, it is still playing catch-up with peers
ESTC Q2 revenue and adj. EPS beat analysts' estimates on Thursday, according to LSEG data
ESTC down 17.2% YTD
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