Atlassian price target lowered to $210 from $250 at KeyBanc

KeyBanc analyst Jason Celino lowered the firm’s price target on Atlassian (TEAM) to $210 from $250 on general AI risk, while keeping an Overweight rating on the shares. When considering catalysts, the firm believes Atlassian is truly embracing a “team” approach to growth drivers to rewrite the narrative. KeyBanc again approaches earnings positively, seeing potential upside to Cloud from continued traction of Collections and Rovo. More importantly, it will be looking for further details on DC EOL, specifically what revenue rec changes are contemplated in guidance and how it may impact near-term Cloud migrations.