Analyst Keith Weiss of Morgan Stanley maintained a Buy rating on Atlassian, retaining the price target of $120.00.
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Keith Weiss has given his Buy rating due to a combination of factors that highlight Atlassian’s strengthening competitive position and durable growth profile. He emphasizes that Atlassian is evolving from a pure developer-tools vendor into a broader work-management platform, with Jira, Confluence, and Jira Service Management now heavily used by non-developer knowledge workers across multiple corporate functions, which expands its addressable market and deepens its role in enterprise workflows.
Weiss also underscores that Atlassian’s proprietary Teamwork Graph provides valuable organizational context that makes AI agents more effective, supporting the view that AI will enhance rather than erode Atlassian’s relevance, with Jira positioned as a control layer for coordinating human and AI-driven work. Healthy seat growth, solid cloud expansion, strong Subscription ARR trends, positive partner feedback, and momentum in newer AI-driven offerings like Rovo collectively reinforce confidence in sustained enterprise adoption, leading him to reiterate a Buy rating with an unchanged $120 price target.