Atlassian price target lowered to $300 from $375 at Canaccord

Canaccord analyst David Hynes lowered the firm’s price target on Atlassian (TEAM) to $300 from $375 and keeps a Buy rating on the shares. The firm previewed its results and noted FQ3 is the first period where they lap last year’s Loom acquisition, which will already put downward pressure on growth rates. However, the company put through price increases in February and longer term, they believe Atlassian is well positioned for AI product and platform monetization.