Atlassian price target lowered to $120 from $290 at Morgan Stanley

Morgan Stanley analyst Keith Weiss lowered the firm’s price target on Atlassian (TEAM) to $120 from $290 and keeps an Overweight rating on the shares. Atlassian remains attractive with Jira and Confluence serving as systems of record for software planning and collaboration, giving it durable relevance and stable fundamentals, the analyst tells investors. However, a more meaningful re-rating likely depends on stronger cloud reacceleration, clearer FY27 visibility, and evident AI monetization, adds the analyst, who accounts for recent multiple contraction and aligns Atlassian’s multiple with the overall software average.