Atlassian price target lowered to $290 from $304 at Bernstein

Bernstein lowered the firm’s price target on Atlassian (TEAM) to $290 from $304 and keeps an Outperform rating on the shares. The firm says that if one follows Atlassian closely, Q2 was a good quarter on most dimensions. With that said, generative AI narrative worries aren’t helped by the near-term operating complexity – an added challenge for investors. However, Bernstein doesn’t believe the negative generative AI narratives, and argues that Atlassian is durable through generative AI disruption.