Atlassian Corporation (TEAM) Announced 'Meaningful' Price Changes - Mizuho
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Mizuho Securities analyst Greg Moskowitz highlighted that they have learned that Atlassian Corporation (NASDAQ: TEAM) announced additional price increases relating to renewals of their on-premise products, Server and Data Center. They also trimmed the price target to $500.00 (from $525.00) while maintaining a Buy rating
"We estimate the blended impact for these SKUs is a significant mid-teens increase," the analyst said. "While we had expected such a price increase, we don't believe this was broadly expected by the Street. In addition, the magnitude was slightly above our expectations."
The analyst added, "Looking forward, we reiterate our belief that TEAM will benefit from its strategic actions that should drive much better monetization in FY22 and beyond."
The analyst reiterated a Buy rating and $500.00 price target on TEM.
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