Atlassian price target lowered to $250 from $300 at Oppenheimer

Oppenheimer lowered the firm’s price target on Atlassian to $250 from $300 and keeps an Outperform rating on the shares. Atlassian reported solid Q3 results, beating consensus estimates and guiding modestly above Street, but the beat was driven by one-time benefits from server support end-of-life, which resulted in higher than expected data center and marketplace growth, while cloud growth remained pressured, leaving questions around the “normalized” cloud growth rate ex any migrations, which could weigh on shares until next week’s investor day, the analyst tells investors in a research note.