Atlassian price target lowered to $250 from $275 at KeyBanc

KeyBanc lowered the firm’s price target on Atlassian (TEAM) to $250 from $275 and keeps an Overweight rating on the shares. The firm says it approaches Atlassian’s Q4 earnings positively, seeing potential upside to its and Street estimates, supported by its Q2 VAR survey, which highlighted stable-to-improving macro. That said, KeyBanc is lowering its FY26 revenue estimates to better align with management’s conservative guidance philosophy. At 28-times its FY26 free cash flow, shares are currently trading well below their 3-year average multiple, which reflects, in the firm’s view, that lower growth guidance is already priced in, lending to the Q4 call potentially being somewhat of a clearing event.