Atlassian price target raised to $265 from $225 at Piper Sandler

Piper Sandler analyst Rob Owens raised the firm’s price target on Atlassian (TEAM) to $265 from $225 and keeps an Overweight rating on the shares. The firm says the company’s fiscal Q1 report “ticked all the right boxes.” Stable cloud growth of 31% year-over-year meaningfully outperformed as macro headwinds remained stable and sales execution was solid, leading to a raise to full-year expectations, the analyst tells investors in a research note.