Atlassian price target lowered to $90 from $150 at Truist

Truist lowered the firm’s price target on Atlassian (TEAM) to $90 from $150 and keeps a Buy rating on the shares ahead of quarterly results. At current levels, the firm believes Atlassian’s valuation reflects an overly bearish growth outlook, and it thinks stable growth could drive improved share performance. Truist expects the drivers of growth will remain similar to prior quarters with paid seat expansions as the clear number one driver followed by migrations and cross-sell.