Morgan Stanley lowered the firm’s price target on Atlassian to $225 from $245 and keeps an Overweight rating on the shares. The firm views the current valuation as “under-appreciating a unique software asset” as it contends that investors may underestimate the expanded potential of Atlassian’s Cloud solutions. However, it trimmed its target as the firm de-risks near-term estimates to balance multiple growth drivers with macro uncertainty, while adding that longer-term it views management’s FY27 target as achievable.
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