Oppenheimer raises Atlassian price target to $300, reiterates as a top pick

Oppenheimer raised the firm’s price target on Atlassian (TEAM) to $300 from $270 and keeps an Outperform rating on the shares. The firm is bullish on Atlassian entering 2025, reiterating it as a top pick behind multiple catalysts. Oppenheimer sees upside leverage emanating from an evolving enterprise sales motion as Atlassian’s new CRO augments the company’s GTM motion and enhances/expands its sales team; and significant up-sell/cross-sell leverage as product packaging/bundling and new product efforts drive expansion/larger deal sizes. While prudent, the firm sees an easing macro backdrop that can drive stronger seat expansion across Atlassian’s entire base.