Atlassian price target lowered to $185 from $205 at Mizuho

Mizuho lowered the firm’s price target on Atlassian (TEAM) to $185 from $205 and keeps an Outperform rating on the shares. The company announced a “significant restructuring” that will eliminate 10% of its workforce, or 1,600 employees, the analyst tells investors in a research note. The firm expects the cost savings to drive higher operating margins and accelerate Atlassian’s path to GAAP profitability. It cites comp multiple compression for the target cut.