Atlassian price target lowered to $150 from $185 at Canaccord

Canaccord lowered the firm’s price target on Atlassian (TEAM) to $150 from $185 and keeps a Buy rating on the shares. The firm hosted a KOL and field check which was overall constructive particularly regarding the pace of migration activity and related services demand. One of the more notable themes to emerge from the call was the evolution of migration work from simple “lift-and-shift” efforts to broader “strategic reimagination” in the Cloud. For larger customers, migration increasingly represents a fundamental transformation in how Atlassian tools are deployed and utilized. While this rethinking has the potential to extend migration timelines, it also reinforces the platform’s strategic importance and long- term durability.