Wells Fargo analyst Ryan MacWilliams lowered the firm’s price target on Atlassian (TEAM) to $155 from $216 and keeps an Overweight rating on the shares. SaaS is in a really challenging place given the sentiment backdrop, as management teams face even higher bars despite lower valuations, the firm notes. Atlassian had a solid print, but a slightly light Q2 cloud revenue beat/Q3 cloud guide added some hair to the print, Wells adds.
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