Atlassian price target raised to $160 from $140 at Piper Sandler

Piper Sandler analyst Rob Owens raised the firm’s price target on Atlassian to $160 from $140 and keeps a Neutral rating on the shares. The macro environment continued to weigh in the company’s fiscal Q2, with cloud revenue coming in below expectations and cloud guidance lowered again for fiscal 2023, the analyst tells investors in a research note. Atlassian commentary indicated sustained pressures on free-to-paid conversions and seat count expansion, but noted cloud migrations are trending inline with expectations, says Piper.