Oppenheimer analyst Ittai Kidron remains bullish on Elastic and continues to view it as one of his top picks looking ahead through 2020. His positive stance reflects confidence that Elastic can maintain strong net ARR expansion rates leveraging multiple growth levers; a largely untapped SIEM market that he believes can be penetrated broadly as Endgame's assets are integrated throughout Elastic's platform; and now, a more compelling valuation. Meanwhile, Kidron believes Elastic's recent federal challenges are not reflective of competitive displacement or broader weakness and will be captured over time through better execution. He reiterates an Outperform rating and $110 price target on the shares.