BofA starts Atlassian at Neutral as near-term could be ‘noisy’

As previously reported, BofA initiated coverage of Atlassian (TEAM) with a Neutral rating and $200 price target Given its strong roots as a centralized planning tool, broad platform and installed base of 300,000-plus customers, the firm believes Atlassian is positioned to capture share of the $58B collaboration and project management market and is positive on the company’s long-term growth and free cash flow generation potential, the analyst tells investors. However, accelerating the end of sales and support for its Data Center offering and two large acquisitions could make it more difficult for the company to show what its durable long-term revenue growth profile is, so the firm believes the risk/reward is balanced until there is more clarity, the analyst added.