Baird analyst Rob Oliver downgraded Atlassian Corporation (NASDAQ: TEAM) from Outperform to Neutral with a price target of $175.00 (from $230.00).

The analyst comments: "TEAM reported a mixed quarter with FY25 guidance below Street. Cloud guidance fell short of expectations as the company pointed to a more risk-adjusted guidance than years past. Company recently put out a FY27 revenue CAGR target of 20% and with initial FY25 revenue guidance of just +16%, investors may start to question the achievability of this target. Combination of risk around enterprise GTM functions and recent sales leadership changes pushes us to the sidelines as we wait for visibility to improve."

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Shares of Atlassian Corporation closed at $173.24 yesterday.