Piper Sandler analyst Rob Owens raised the firm’s price target on Atlassian (TEAM) to $365 from $310 and keeps an Overweight rating on the shares. The firm notes strong Q2 cloud growth punctuated results that came in above expectations as management highlighted success at the enterprise level and increased AI traction. Guidance for the full fiscal year was subsequently raised across the board with cloud revenue now calling for +26.5% growth. Overall, Piper is encouraged by the results with commentary around macro stabilization and remain confident in the risk/reward moving forward. The firm is keeping Atlassian as a top idea.
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