Atlassian price target lowered to $140 from $148 at Piper Sandler

Piper Sandler analyst Rob Owens lowered the firm’s price target on Atlassian to $140 from $148 and keeps a Neutral rating on the shares. The analyst sees Atlassian as a "franchise company with three compelling market opportunities to fuel growth over the next 5-10 years." However, given current dynamics, Owens’ outlook is neutral. He says cloud adoption may continue to see pressure in the near term and spending scrutiny may influence more muted expansion within the existing base.