Atlassian price target raised to $325 from $300 at Jefferies

Jefferies raised the firm’s price target on Atlassian (TEAM) to $325 from $300 and keeps a Buy rating on the shares. Checks indicated partners finished above plan, driven by some very large enterprise renewals, cloud migration momentum, and a year-end “budget flush,” the analyst tells investors. The firm’s checks, combined with the larger price increases, give the firm conviction that Atlassian should exceed fiscal Q2 guidance for 25.5% cloud growth and 27.5% datacenter growth, the analyst tells investors.