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Atlassian To Benefit From The ‘Next Wave Of Cloud Growth’, Says Bullish Analyst

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Shares of Atlassian Corp (NASDAQ:TEAM) were climbing in early trading on Tuesday.

Enterprise customers are likely to drive “the next wave of cloud migrations,” triggering accelerated cloud growth, according to Piper Sandler.

The Analyst: Rob Owens upgraded the rating for Atlassian from Neutral to Overweight, while raising the price target from $200 to $225.

The Thesis: While currently only 30% of the company’s cloud revenues are from enterprise customers, 82% of the remaining data center seats are enterprise, Owens said in the upgrade note.

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Full story available on Benzinga.com

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