Atlassian price target raised to $380 from $300 at Oppenheimer

Oppenheimer raised the firm’s price target on Atlassian (TEAM) to $380 from $300 and keeps an Outperform rating on the shares. The firm notes Atlassian reported excellent Q2 results on strong enterprise and large deal traction, and steady progress with DC-to-Cloud migrations. Management also raised FY25 revenue guidance despite holding to a conservative risk-adjusted near-term view, which Oppenheimer believes sets up beatable second half of the year targets.