Berenberg initiates coverage on Atlassian with hold rating
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Investment firm Berenberg initiated coverage on Atlassian (NASDAQ:TEAM) on Thursday, starting the collaboration software maker with a hold rating.
Analyst Andrew DeGasperi, who also put a $150 price target on Atlassian (TEAM) shares, noted that the company is now looking for growth in three areas: cloud, enterprise and IT service management.

However, competition is rising across these markets, making the firm favor Asana (ASAN) and monday.com (MNDY), citing a better risk-reward in the respective shares.
DeGasperi added that Atlassian's (TEAM) shares are trading at 10.5 times 2023 sales and with growth expectations for fiscal 2023 and 2024 seen as difficult to meet, due to the economic uncertainty, shares are fairly valued.
Atlassian (TEAM) shares were down 1.8% in early Thursday trading.

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