Elastic Drops 10% After BofA Cuts Price Target Is the Stock Now at a Discount?
If you have Elastic stock on your watchlist or in your portfolio, you are probably wondering if the recent dip is a chance to buy, a reason to worry, or just another chapter in this company’s wild ride. Over the past month, Elastic shares have slipped by 10.6%, with a 6.9% drop just in the last week. For the year so far, the stock sits down 17.7%, painting a picture that’s anything but steady. Yet, dig a little deeper, and you’ll see there is more nuance to the story.
Part of the pressure has stemmed from competitive developments in artificial intelligence. Notably, BofA recently cut their price target for Elastic, citing tougher competition for AI workloads, which could crimp growth. On top of that, broader market worries,…
