Citi Cuts PT on Atlassian Corporation (TEAM) to $160 From $210 – Here’s Why

Core Viewpoint - Atlassian Corporation (NASDAQ:TEAM) is considered one of the most oversold stocks on NASDAQ, with various analysts adjusting their price targets while maintaining positive ratings, indicating a belief in the company's solid fundamentals despite sector challenges [1][2][3]. Group 1: Price Target Adjustments - Citi adjusted the price target for Atlassian to $160 from $210, citing "sector turmoil" but maintaining a Buy rating due to sound fundamentals [1]. - Morgan Stanley revised the price target to $290 from $320, keeping an Overweight rating, noting no signs of AI disruption in fiscal Q2 and highlighting positive momentum in Atlassian's AI initiatives [2]. - Bernstein also lowered the price target to $290 from $304 while maintaining an Outperform rating, indicating a good fiscal Q2 performance but acknowledging near-term operational complexities related to GenAI concerns [3]. Group 2: Company Overview - Atlassian Corporation specializes in team collaboration and productivity software, offering products such as Jira Software, Confluence, Jira Service Management, and Loom [4].