Atlassian price target lowered to $245 from $295 at BMO Capital

BMO Capital lowered the firm’s price target on Atlassian (TEAM) to $245 from $295 but keeps an Outperform rating on the shares. Relative to the recent blow-out quarters, Atlassian delivered a mediocre Q3, with a very strong free cash flow but disappointing billings, modestly higher reported revenue, and roughly in-line revenue guidance, the analyst tells investors in a research note. BMO adds however that it sees the stock as “attractively valued”.