Why Bernstein Is Bullish on Atlassian (TEAM) After Browser Co & DX Deals

Core Insights - Atlassian Corporation (NASDAQ:TEAM) is currently highlighted as a notable AI stock, with an Outperform rating and a price target of $296.00 from Bernstein SocGen Group analyst Peter Weed following two recent acquisitions expected to close by year-end [1][2]. Acquisition Details - Atlassian is acquiring Browser Co for $610 million and DX for $1 billion, which are seen as complementary to its Cloud Platform [2]. - The company has a history of successfully expanding its product lineup through acquisitions, with optimism regarding the potential upside of these new deals despite the possibility of varying immediate returns [2][3]. Product Development Strategy - Atlassian's strategy includes acquiring popular third-party tools to enhance its platform, similar to past successes like the Jira Service Management product, which emerged from multiple smaller acquisitions [3]. - The company is increasing the pace of adding new features and products, indicating a proactive approach to maintaining competitiveness in the software market [3].