Mizuho has revised its target price for Atlassian (TEAM, Financial), reducing it from $355 to $325. The adjustment follows insights gathered at Atlassian's recent user conference. Despite the target cut, Mizuho has maintained an Outperform rating on the company’s shares.
The decision to lower the target price stems from observed "meaningful recent contraction" in comparable multiples, which reflects heightened concerns about a potential recession. Despite these challenges, Mizuho remains optimistic about Atlassian's long-term growth, believing it surpasses the general market perception.
