Atlassian price target raised to $190 from $170 at BMO Capital

BMO Capital analyst Keith Bachman raised the firm’s price target on Atlassian to $190 from $170 and keeps a Market Perform rating on the shares ahead of its TEAM 23 event next week in Las Vegas. The company’s revenue results will be in-line or have upside vs. consensus estimates for the next two quarters, and now that hiring has slowed materially, the firm also sees upside to margins, even though Atlassian management will likely continue to focus on growth over margins in the long-term, the analyst tells investors in a research note.