Atlassian price target raised to $235 from $200 at Oppenheimer

Oppenheimer analyst Ittai Kidron raised the firm’s price target on Atlassian to $235 from $200 and keeps an Outperform rating on the shares. Altassian’s Q4 results were solid, along with a modest beat on 1Q24 guidance, despite continued macro pressure that is impacting free-to-paid customer conversion rates and the pace of seat expansion at existing customers, the analyst tells investors in a research note. Expectations have been level-set for a weak macro environment, and the worst is likely behind Altassian, with potential for revenue and margin upside as macro headwinds ease, Oppenheimer says.