Canaccord analyst David Hynes raised the firm’s price target on Atlassian (TEAM) to $255 from $225 and keeps a Buy rating on the shares. The firm said if there’s a single metric that investors tend to latch on to with Atlassian, it’s Cloud revenue growth. On that basis, this was a strong quarter – Atlassian posted 31% Cloud growth in FQ1, sequentially flat with FQ4, well ahead of 27% guidance for the quarter, and better than the upside scenario they had contemplated.
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