Atlassian initiated with a Buy at BTIG

BTIG analyst Allan Verkhovski initiated coverage of Atlassian (TEAM) with a Buy rating and $220 price target The AI disruption risk is overblown, with the shares down roughly 42% over the past year, and cloud revenue guidance is de-risked with the potential to grow in the mid-20 percentage range for the rest of FY26, the analyst tells investors in a research note. The firm added that the confluence of growth drivers including seat growth, pricing, migrations, tier upgrades, cross-selling, and now AI consumption is driving a cloud net expansion rate of about 120%.