Atlassian price target lowered to $300 from $330 at Raymond James

Raymond James analyst Adam Tindle lowered the firm’s price target on Atlassian (TEAM) to $300 from $330 and keeps an Outperform rating on the shares. Atlassian’s Q3 results featured upside to all metrics relative to company guidance, Q4 guidance that essentially matched Street estimates, but the stock traded lower due to a Cloud growth metric that was below estimates, the analyst tells investors in a research note. The firm sees many reasons to buy the dip, as Cloud guidance for the upcoming quarter appears quite conservative and the cloud value proposition has recently tripled.