Atlassian Corporation (TEAM) PT Lowered to $165 at Barclays

Barclays analyst Ryan MacWilliams lowered the price target on Atlassian Corporation (NASDAQ: TEAM) to $165.00 (from $215.00) while maintaining a Overweight rating.

The analyst comments "TEAM's Q2 FY26 was highlighted by consistent Cloud migration activity / paid seat expansion / cross-sell contribution, a FY26 organic Cloud rev. guidance raise above its Q2 beat, and a third consecutive quarter of improved Cloud NRR. While Data Center rev. recognition and contribution from DX drive some noise for results, TEAM's organic Cloud revenue outlook (key focus for its LT outlook) and organic non-GAAP margins continue to demonstrate strength (DX is expected to be dilutive to margins in 2H26). We don't believe that Jira / Confluence's foothold with the developer community will be completely diminished by recent AI native tools, and expect that TEAM's historic focus on innovating (one of the highest R&D % of sales in software) will continue to offer the company opportunities for organic expansion as well as evolution into future agentic workflows. We continue to be optimistic on TEAM's Cloud migration execution, upsell opportunities (particularly Teamwork Collection), AI monetization opportunity (over time), and business user seat expansion. We reiterate our OW rating, though lower our PT to $165 (from $215) to reflect lower peer equity valuations."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Home Depot (HD) call put ratio 1.5 calls to 1 put with a focus on September 330 puts into quarter results
• Goldman Sachs sees China retail sales growth staying weak