Barclays thinks shares of Elastic (ESTC, $64.22) look attractive on today’s post-earnings sell-off. 

The stock today dropped 17.8% on very heavy volume in part because of decelerated FQ2 (Oct.) billings growth, hurt by pushed-out (but not lost) U.S. federal deals. Total revenue rose 59%, an acceleration from growth of 58% in FQ1.

For FQ3, Elastic expects revenue of $106 million to $108 million versus the consensus of $105.9 million.

The firm believes Elastic’s long-term growth story remains compelling and views the pullback as a buying opportunity. Barclays trims its ESTC price target to $97 from $105.

Elastic share are now down YTD, having ended 2018 at $71.48. The all-time high of $104.10 was reached in late July.