Mizuho Sees 13% Upside In This Software Company, Reiterates Buy

Mizuho analyst Gregg Moskowitz raised the price target on Atlassian Corporation PLC TEAM to $440 from $370, implying a 13.2% upside, and reiterated a Buy.
The analyst has learned that Atlassian recently announced a series of price changes to cloud versions of its flagship products Jira Software, Confluence, and Jira Service Management.
The new pricing will be effective next on October 12, Moskowitz notes.
While the changes "feature a series of puts and takes," the net effect is a "clear price increase," and particularly for Jira Service Management and larger existing cloud customers, says the analyst.
Moskowitz reiterates his belief that Atlassian will benefit from strategic actions that should drive much better monetization in FY22 and beyond.
Price Action: TEAM shares traded lower by 1.07% at $388.77 on the last check Friday.