Analyst at Oppenheimer increased the price target on Atlassian Corporation (NASDAQ:TEAM) from $235.00 to $300.00, while reiterating an Outperform rating. Additionally, Atlassian has been selected as a top stock pick for 2024.

The analysts expressed a positive outlook on Atlassian, highlighting several key factors that are expected to drive the company’s performance in the upcoming year. These include an improving macroeconomic environment, which could enhance free-to-paid conversions and seat expansion.

Another driver is the anticipated reacceleration in cloud growth, supported by expanded functionalities like scale, data governance, security, and app extensibility. Further, revenue growth is expected from price increases, the expiration of discounts, and the introduction of new products.

Moreover, the analysts believe that Atlassian is still in the early stages of penetrating the IT Service Management (ITSM) market with Jira Service Management and the Work Management sector with Jira Work Management, Trello, and Confluence. These areas are seen as potential long-term sources of more than 20% in top-line growth. The analysts conclude that Atlassian is well-positioned to outperform in the calendar years 2024 and 2025 and to gain cloud momentum with larger customers, leading to the raised price target of $300.

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