Morgan Stanley still likes Atlassian, just less

Same cheerleader, smaller megaphone

Morgan Stanley didn’t exactly throw Atlassian out of the party. Keith Weiss kept the stock at Buy — but the price target got chopped from $290 to $120, which is a pretty loud way to say, “We still like it, but maybe not that much.”

For investors, the important part isn’t just the rating. It’s the math behind the mood swing: a target cut that steep usually means the analyst’s confidence in the near-term upside got a lot less bubbly, even if the long-term story still has some juice.

Why you should care

Atlassian is already in the middle of a busy tape, with other firms revisiting their calls too. So when Morgan Stanley moves, it adds another data point to the ongoing debate over whether the stock’s future looks more like “steady software compounder” or “expectations got a little too frothy.”

Big picture: a Buy rating is nice, but a 59% haircut to the target price is the market equivalent of saying, “Don’t get carried away.”