Atlassian shares are trading lower amid weakness in broader tech and software stocks. Citigroup maintained its Buy rating on the stock but lowered its price target from $280 to $265.
Portfolio Pulse from Benzinga Newsdesk
Atlassian shares are trading lower due to a broader downturn in tech and software stocks. Despite this, Citigroup has maintained a Buy rating on Atlassian but reduced its price target from $280 to $265.
April 12, 2024 | 4:07 pm
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Atlassian's stock is trading lower influenced by the overall tech sector's performance. Citigroup remains positive with a Buy rating but has decreased the price target.
The reduction in Atlassian's price target by Citigroup, despite maintaining a Buy rating, reflects a cautious but still optimistic outlook on the company's performance amidst a broader tech sector downturn. This adjustment is likely to influence investor sentiment in the short term, potentially leading to a decrease in stock price as the market absorbs the new price target.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100