BTIG Downgrades Atlassian Corporation (TEAM) to Neutral

August 10, 2016 7:31 AM EDT
Get Alerts TEAM Hot Sheet
Price: $29.04 +1.18%

Rating Summary:
    8 Buy, 3 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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BTIG downgraded Atlassian Corporation (NASDAQ: TEAM) from Buy to Neutral. Analyst Joel P. Fishbein, Jr. said the stock looks fully valued.

"The stock is up +60% in the past six months alone, as the buy-side gets increasingly comfortable with Atlassian’s 'flywheel' model. The recent earnings report was further proof that the company can drive strong revenue growth (>40% y/y for the third straight year) while still maintaining an impressive margin profile (~17% for FY16, +150bps y/y). In conjunction with solid fundamentals, the FY17 revenue guidance of +30% y/y looks conservative. Still, we believe there is little disconnect between this dynamic and current trading levels (>10x EV/FY17 Revenues). With the market appropriately anticipating a continuation of the 'beat and raise' trend, we’d look for a pull-back in shares as the next potential buying opportunity," said Fishbein.

For an analyst ratings summary and ratings history on Atlassian Corporation click here. For more ratings news on Atlassian Corporation click here.

Shares of Atlassian Corporation closed at $30.66 yesterday.

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