Guggenheim initiated coverage of Atlassian (TEAM) with a Buy rating and $225 price target which offers 30% potential upside. The firm says investor sentiment on the shares is “depressed” due to concerns that artificial intelligence coding tools will hurt Atlassian’s seat-based model. Despite indications that AI may impair entry level job growth, AI is not the “death knell for Atlassian,” the analyst tells investors in a research note. Guggenheim believes global developer headcount continues to rise. While AI improves productivity, user growth should continue, the firm contends.
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