UBS initiated coverage of Atlassian with a Neutral rating and $225 price target. With the stock up 53% year-to-date and the valuation multiples “looking full” for a company that is very reliant on price increases and migrations to cloud/premium editions to drive growth, investors can wait for a better entry point, the analyst tells investors in a research note. The firm says Atlassian’s upside is already priced into the shares.
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