Atlassian Has Strong Pricing Power And Critical Product Innovation. Analyst Sees More Than 50% Upside Due

Mizuho analyst Gregg Moskowitz reiterated a Buy on Atlassian Corp Plc (NASDAQ:TEAM) with a $360 price target.
Moskowitz acknowledged that Atlassian "has once again" announced a series of price changes to its Cloud versions of flagship products Jira Software, Confluence, and Jira Service Management.
The new pricing will be effective one month from now and appear similar to the cloud price increases implemented one year ago and equate to a mid-single-digit raise.
His view remains that TEAM's growth should remain vital for the foreseeable future due to its critical product innovation and unique GTM approach that we believe is almost impossible to replicate.
In addition, he believes TEAM will continue to exert pricing power in the marketplace, as reflected by its recent strategic actions that should drive much better monetization in FY23 and beyond.
Price Action: TEAM shares traded lower by 0.45% at $241.80 on the last check Monday.

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