Atlassian price target raised to $270 from $230 at Oppenheimer

Oppenheimer raised the firm’s price target on Atlassian (TEAM) to $270 from $230 and keeps an Outperform rating on the shares. Altassian reported strong September quarter results driven by broad-based strength and better-than-expected Cloud growth, with management noting stronger-than-expected seat expansion across all product areas, healthy deal flow, and good customer engagement for Loom and Rovo, the analyst tells investors in a research note. Despite the tough macro, it was an excellent quarter, and while FY25 remains unsettled, Oppenheimer is encouraged by execution to date, leaving the firm bullish looking forward to new CRO Brian Duffy’s imprint on sales and ramping enterprise cross-sell activities.