KeyBanc cuts Atlassian price target to $130 but keeps Overweight rating amid near-term challenges.

KeyBanc lowered its price target for Atlassian from $170 to $130 while maintaining an Overweight rating after identifying near-term friction from a major partner. Despite a nearly 56% drop in shares this year, KeyBanc views these issues as timing-related rather than structural, with solid long-term growth prospects intact. Atlassian’s strong enterprise momentum and cloud revenue growth support the positive outlook, though investors should be prepared for short-term volatility and slower Data Center revenue growth expected in 2027. The revised target still implies a significant premium over current prices, suggesting the selloff may be overdone.