Atlassian (NASDAQ:TEAM) was upgraded to Overweight from Neutral by Cantor Fitzgerald due in part to the pullback in share price during the first quarter of 2025.

Shares for the Sydney-based provider of project management and team collaboration software company ticked up about 2% during early Wednesday market action.

Cantor also lowered its price target on the stock to $272 from $304.

"Software has underperformed YTD C25 with the IGV (BATS:IGV) software benchmark down 10% compared to -4% for the broader SPX (SPX), while we note the tech-heavy Nasdaq composite is also down 10% YTD," said Cantor Fitzgerald analysts, led by Thomas Blakey, in a Wednesday investor note. "We note SOX (SOX) is down 14% YTD, as the Al-driven momentum trade has stalled here in early 2025. Software EV/R multiples have contracted 12% YTD, with the high-growth (20%+) cohort multiple contracting 8%."

Cantor lowered their price targets for a wide range of infrastructure and artificial intelligence software names in their coverage universe:

• Datadog (DDOG) reduced to $134 from $161; Overweight rating
• DigitalOcean (DOCN) to $38 from $43; Neutral
• Five9 (FIVN) to $36 from $57; Overweight
• MongoDB (MDB) to $252 from $332; Overweight
• monday.com (MNDY) to $336 from $380; Overweight
• Cloudflare (NET) to $120 from $149; Neutral
• Snowflake (SNOW) to $183 from $228; Overweight
• SoundHound AI (SOUN) to $8.50 from $10; Neutral