Cantor Fitzgerald raised its price target for Atlassian (NASDAQ:TEAM) to $220 from $175. The firm reaffirmed its "Overweight" rating on the stock. This new target suggests a potential upside of over 14% from the stock's current price. Atlassian shares trade near their 52-week high following a significant rally in recent months.
Cantor Fitzgerald's increased confidence stems from the durability of Atlassian's cloud segment growth. The firm also cites the potential for artificial intelligence to boost revenue. It highlighted the adoption of AI tools like Rovo. These tools could drive user expansion and spending, positioning Atlassian as a beneficiary of AI adoption. The revision follows strong quarterly results for the software company.