Atlassian price target lowered to $205 from $220 at TD Cowen

TD Cowen analyst Derrick Wood lowered the firm’s price target on Atlassian (TEAM) to $205 from $220 and keeps a Hold rating on the shares. The firm updated its model ahead of Q1 earnings as its data points suggest consistent demand trends, though SI checks point to some elevated 1Q seasonality in close rates. Cowen nevertheless expects a larger than normal beat and raise given new revenue recognition changes and recent M&A activity.