Atlassian price target raised to $225 from $200 at Canaccord

Canaccord analyst David Hynes raised the firm’s price target on Atlassian to $225 from $200 and keeps a Buy rating on the shares. The firm attended investor meetings and came away thinking FQ1 has the potential to be a moderate catalyst for the stock, at least in terms of increasing conviction in the Cloud guidance for this year, and that as investor confidence is restored, there’s a path to a higher multiple here.