Why Atlassian Stock Jumped on the Market's Down Day
Shares of workplace-collaboration software company (NASDAQ: TEAM) jumped on Wednesday after an analyst boosted his price target for the stock. As of 2:30 p.m. ET, Atlassian stock was up 5% -- notable considering the S 500 was down almost half of a percentage point.
Wells Fargo analyst Michael Turrin has long believed that Atlassian stock is a buy. However, the analyst updated his price target for Atlassian stock, raising it from $180 per share to $200 per share, according to TipRanks. This represents about 12% additional upside from where the stock traded as of this writing.
Before you get too excited, I'd be remiss not to mention that Turrin already changed his price target for Atlassian stock earlier this month. According to StreetInsider, the analyst lowered his price target from $200 per share to $180 per share on May 5. Therefore, today's action merely reverses his decision from just a few weeks ago.
Source Fool.com
