Mizuho lowered the firm’s price target on Atlassian (TEAM) to $325 from $355 and keeps an Outperform rating on the shares following the company’s user conference. The firm cites the “meaningful recent contraction” in comp multiples associated with a generally higher probability of a recession for the target cut. However, it continues to believe Atlassian’s multi-year growth prospects “are better than most realize.”
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