Atlassian Corporation (TEAM) PT Raised to $235 at KeyBanc

KeyBanc analyst Jason Celino raised the price target on Atlassian Corporation (NASDAQ: TEAM) to $235.00 (from $185.00) while maintaining an Overweight rating.

The analyst commented: "Cautiously Optimistic into F1Q; Partner Checks and F1Q Earnings Preview; After speaking with a large Atlassian partner, we approach F1Q cautiously optimistic. On the positive side, we view the new usage-based pricing announcement as a potential catalyst to drive greater upsell to Collections, and could also see modest pull-fwd activity ahead of Cloud price increases. That said, partner feedback noted that migrations are behind schedule, with a bigger push expected in F3Q-F4Q. With TEAM shares rallying over the past few months, the bar may be higher, but we remain highly convicted in Atlassian's several growth drivers, and raise our PT to reflect our confidence."

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