Atlassian price target raised to $400 from $325 at Jefferies

Jefferies raised the firm’s price target on Atlassian (TEAM) to $400 from $325 and keeps a Buy rating on the shares, stating that the company delivered its second consecutive “solid beat-and-raise across the board.” The data points on the record number of large deals and solid customer adds “indicate the momentum will continue,” says the analyst, who believes Atlassian can deliver 20%-plus growth combined with mid-to-high 20s operating margins over the medium-term.