BTIG Downgrades Atlassian Corporation (TEAM) to Neutral
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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.
Shares of Atlassian Corporation closed at $30.66 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Deutsche Bank Downgrades MGM Growth Properties (MGP) to Hold
- UPDATE: Stifel Downgrades PennTex Midstream Partners, LP (PTXP) to Hold
- Illumina (ILMN) Lower as Morgan Stanley Cuts Numbers, Sees Slow Growth Persisting
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Downgrades
Related EntitiesEarnings, BTIG
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!