Truist analyst Joel Fishbein lowered the firm’s price target on Atlassian to $200 from $220 and keeps a Hold rating on the shares. The company produced a beat across the board driven by its strongest datacenter growth since 2021, but investor focus will narrow on cloud growth, as recent investments seek to reduce friction of cloud migrations across their largest customers, the analyst tells investors in a research note. Atlassian also announced co-CEO Scott Farquhar will be stepping down, which was likely a contributor to after-hours volatility, the firm added.
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