Raymond James upgrades Atlassian to Outperform on favorable risk/reward

Raymond James analyst Adam Tindle upgraded Atlassian to Outperform from Market Perform with a $200 price target The shares have been a laggard, having declined nearly 20% over the past six months and one-year periods, and nearly 60% over the past three years, the analyst tells investors in a research note. The firm sees a favorable risk/reward at current share levels. Management has targeted company growth at 20% for the next three years, which represents the “bull case at elite software comps” that trade in the low double digit to mid teens enterprise value to sales, which translates to a $300 per share price for Atlassian, contends Raymond James.