- The shares of Atlassian Corporation PLC (NASDAQ: TEAM) have received a $330 price target from Cowen. These are the details.
The shares of Atlassian Corporation PLC (NASDAQ: TEAM) have received a $330 price target from Cowen. And Cowen analyst J. Derrick Wood is maintaining a “Market Perform” rating on the shares.
Wood adjusted the rating as he believes Atlassian’s analyst day was relatively in line with expectations and said the company’s 50% Cloud growth guidance for FY23 and FY24 was solid, but mostly expected. And Wood pointed out that the new $10 billion revenue target was encouraging.
But there was no timeframe given and Wood said it comes at a material cost to margins in FY23 as management said it will invest heavily to address its near term opportunities. Plus Wood explained that the sales and margins guidance creates cross-currents on the stock’s multiple.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.