Atlassian price target lowered to $300 from $365 at Piper Sandler

Piper Sandler analyst Rob Owens lowered the firm’s price target on Atlassian (TEAM) to $300 from $365 and keeps an Overweight rating on the shares. The firm says that linearity and duration drove a more modest beat than many were hoping for in Q3, with uncertainty in the macro influencing a reiterated guide for Q4 as well. This will likely spark renewed debate around the achievability of the 20%-plus CAGR through F’27, but Piper continues to have confidence in this playing out.