Atlassian price target lowered to $151 from $160 at BMO Capital

BMO Capital analyst Keith Bachman lowered the firm’s price target on Atlassian to $151 from $160 and keeps a Market Perform rating on the shares. The analyst states that while he prefers to maintain a "constructive stance" on the stock, the company’s management has also indicated that its guidance is determined by the "static economic backdrop". Bachman further states that he personally believes the economy is at risk for further deterioration in 2023, which includes lower employment levels within software development and ops.