Atlassian price target lowered to $240 from $265 at Mizuho

Mizuho lowered the firm’s price target on Atlassian to $240 from $265 and keeps a Buy rating on the shares. The firm’s Q1 software channel checks were mixed. On the positive side, cloud workloads continue to progress, large optimizations appear to be behind us, cybersecurity demand remains generally healthy, and artificial intelligence projects are building some more momentum, the analyst tells investors in a research note. However, the firm also learned of many deal pushouts, and believes net new logos remain sluggish and that the U.S. public sector business was softer. It lowered a few price targets as a result.