Atlassian, the Technology sector company, was revisited by a Wall Street analyst today. Analyst Keith Bachman from BMO Capital maintained a Buy rating on the stock and has a $190.00 price target.
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Keith Bachman has given his Buy rating due to a combination of factors including Atlassian’s attractive valuation and the potential for successive strong quarterly reports to drive share prices higher. Despite a slight slowdown in software developer hiring, which is used as a proxy for seat growth, Bachman expects Atlassian to modestly exceed top-line metrics in the upcoming quarter.
Bachman also highlights Atlassian’s compelling product suite and innovative distribution and pricing strategy as key strengths. These factors contribute to a favorable risk/reward setup, reinforcing the Buy rating despite the lowered target price from $200 to $190 due to investor concerns over developer seat growth.
In another report released yesterday, KeyBanc also maintained a Buy rating on the stock with a $210.00 price target.