Elastic NV tumbles after brokerages cut PT

** U.S.-listed shares of data analytics firm Elastic NV ESTC 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 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