Elastic N.V. (NYSE: ESTC) saw its price target lowered to $96.00 from $104.00 by BofA Securities analyst Koji Ikeda due to increased competitive risks in AI workloads. Elastic’s FY26 revenue growth guidance was discussed, with shares trading at a 22% discount to peers. The key metric to watch is subscription revenue growth excluding monthly customers.

Elastic N.V. is a search AI company that provides cloud-based solutions. While ESTC offers investment potential, analysts suggest other AI stocks may have greater upside potential with less downside risk. For those seeking undervalued AI stocks with growth potential, a free report on the best short-term AI stock is available.

For more information on AI stocks, check out articles on 10 Must-Watch AI Stocks for Investors and 10 AI Stocks Hit with New Analyst Ratings. No disclosure was provided in the article.

Read more at Yahoo Finance: BofA Lowers Elastic (ESTC) Price Target to $96 Amid AI Competition