Macquarie analyst Steve Koenig upgraded Atlassian (TEAM) to Outperform from Neutral with a price target of $270, down from $317. The firm says its discussions at Atlassian’s customer conference and investor forum provided evidence of the company’s increasing reach across customer departments. Macquarie cites valuation and its positive take on Atlassian’s potential near-term revenue outperformance for the upgrade. The company’s data center price increases of 15%-25% on contracts renewing after February 11 should help it beat its “more conservative” fiscal 2025 guidance, the analyst tells investors in a research note.
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