Atlassian’s Strong Potential and Attractive Valuation Reinforce Buy Rating Despite Lowered Target Price
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Keith Bachman maintains a Buy rating on Atlassian, citing its attractive valuation and potential for strong quarterly reports to boost share prices. Despite a slowdown in software developer hiring, he anticipates modestly exceeding top-line metrics. Key strengths include Atlassian's product suite and innovative pricing strategy, leading to a favorable risk/reward setup. The target price was lowered from $200 to $190 due to concerns over developer seat growth. KeyBanc also supports a Buy rating with a $210 target price.
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