Atlassian (TEAM) Stock: $330 Price Target And Market Perform Rating

By Amit Chowdhry ● Apr 11, 2022
  • 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. 

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