BMO upgrades Atlassian to 'outperform' on growth confidence

Investing.com -- BMO Capital Markets upgraded Atlassian (NASDAQ: TEAM) Corp to "outperform" from "market perform," as it expects the company can sustain about 20% annual revenue growth through fiscal 2026.

The brokerage raised its price target for the software firm to $292 from $255, citing growth drivers including cloud conversions, price increases, and product expansions like Jira Service Management and Loom.

BMO forecasts 23.5% growth in Atlassian's cloud revenue, which makes up 67% of its overall revenue projections for FY26.

“Our confidence has increased that Atlassian can sustain ~20% y/y growth through a combination of factors, after passing the very difficult March compares,” analysts said.

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