KeyBanc Starts Atlassian Corporation (TEAM) at Sector Weight

KeyBanc analyst Jason Celino initiates coverage on Atlassian Corporation (NASDAQ: TEAM) with a Sector Weight rating.

The analyst comments "We are positive on Atlassian’s dominance in the developer collaboration market with Jira Software and Confluence and opportunity to drive healthy growth LT on the back of a large data center (DC) to cloud migration opportunity and success in newer markets like ITSM. We take the initial stance that migration tailwinds (for DC to cloud) will be more gradual going forward. We initiate with a Sector Weight rating and see shares fairly valued at 11x FY26 EV/sales (42x EV/FCF). We would look to gain more confidence around: 1) pace and magnitude of DC to cloud; 2) success of S&M pivot post server EOL; and 3) sustainability of +20% growth/path to mid-20% OMs or better."

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 $194.43 yesterday.

You May Also Be Interested In

• Raymond James Starts SpyGlass Pharma (SGP) at Outperform
• Braze Inc (BRZE) PT Raised to $35 at BTIG
• JD.com, Inc (JD) PT Lowered to $39 at Mizuho