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Fly News Breaks for December 5, 2019
Dec 5, 2019 | 06:03 EDT
Barclays analyst Raimo Lenschow says shares of Elastic will likely struggle in the short term as investors will want to get comfortable about management's explanation for the billings growth deceleration in last night's fiscal Q2. However, some slipped public sector deals and a growing percentage of revenue from its monthly software-as-a-service business sound like credible explanations, Lenschow tells investors in a post-earnings research note. He believes Elastic's long-term story remains compelling and views any weakness in the shares as a buying opportunity. The analyst lowered his price target for the shares to $97 from $105 and keeps an Overweight rating on the name. Elastic in premarket trading is down 15% to $66.80.
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