Atlassian upgraded to Overweight on cloud growth at Barclays

Barclays upgraded Atlassian to Overweight from Equal Weight with a price target of $275, up from $235. The analyst says a “healthier” growth profile with more enterprise customers on Atlassian’s cloud solutions warrants a higher multiple for the shares given improved revenue “durability.” Enterprise migrations will drive the company’s cloud growth and margins over the long term, the analyst tells investors in a research note.