Bernstein Trims Target Price on Atlassian (TEAM) to $290

Core Viewpoint - Atlassian Corporation (NASDAQ:TEAM) is recognized as one of the best beaten-down growth stocks to buy, despite a slight reduction in its target price by Bernstein due to concerns over the impact of artificial intelligence on the company [1]. Financial Performance - Atlassian's Q2-2026 results showed a revenue growth acceleration to 23.3% year-over-year, reaching a total quarterly revenue of $1.59 billion, up from 20.6% in Q1-2026 [2]. - The data center and marketplace segments contributed significantly to this acceleration, with growth rates of 20.4% (up from 11.0% in Q1-2026) and 9.1% (up from 3.3% in Q1-2026) year-over-year, respectively. The cloud segment maintained steady growth at 26.0% year-over-year [2]. Future Guidance - Following the strong performance in Q2, Atlassian's management has raised its revenue growth guidance for FY2026 to an average of approximately 22%, with specific segment expectations of 24.3% for Cloud, 20.0% for Data Center, and 6.0% for Marketplace [3]. Company Overview - Atlassian Corporation is a software-as-a-service company specializing in team collaboration and productivity software, including products like Jira, Confluence, and Loom. The company is headquartered in San Francisco, California, and was founded in October 2002 by Michael Cannon-Brookes and Scott Farquhar [4].