Atlassian price target lowered to $100 from $150 at Oppenheimer

Oppenheimer lowered the firm’s price target on Atlassian (TEAM) to $100 from $150 and keeps an Outperform rating on the shares. The firm expects Q3 results ahead of consensus with slightly raised Q4 guidance on steady seat expansion and increasing DC migration activity. While Street estimates for FY27 DC growth remain high, Oppenheimer doesn’t view further downward adjustments as a risk factor. Instead, it believes investors could react positively, seeing offsetting stronger Cloud growth as a sign that seat conversion/expansion can withstand potential AI-headwinds, and that Teamwork Collections/Rovo are contributing to upsell/cross-sell and AI monetization.