Shares of Atlassian (NASDAQ: TEAM) were rallying as much as 10.1% on Wednesday, following the release of a bullish note from a Wall Street analyst.
The optimism comes after a brutal stretch for this software stock, which remains around 74% below its all-time highs, even after today's surge. Given the hugely negative sentiment around the stock and the broader sector, investors cheered the analyst note, which highlighted a specific catalyst for the stock.
Analysts at Mizuho Securities maintained their buy rating on Atlassian shares, while lowering their price target from $320 to $255. Still, that target remains about 78% higher than today's share levels around $143.
Source Fool.com