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Fly News Breaks for May 29, 2019
TEAM
May 29, 2019 | 07:27 EDT
BTIG analyst Edward Parker downgraded Atlassian to Neutral from Buy, saying that after a "great run" of over 100% in the last 12 months, the risk-reward on the stock has turned more "balanced". The analyst notes that he remains positive on the company's "ability to re-write the SaaS playbook" and its continued momentum, but the valuation has now surpassed his price target and shares trade at about 60-times on enterprise value to expected FY20 free cash flow. Parker says he prefers to await a better entry point on Atlassian.
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