BofA Upgrades Atlassian to Buy
BofA upgrades Atlassian to Buy on strong FY26 finish
TEAM BofA Securities Upgrades to Buy We upgrade to Buy following a strong finish to FY26, a better-than-expected FY27 Cloud growth outlook (25.5% y/y vs.
22.0% BofA), putting to rest revenue growth concerns, and with growing evidence that its Teamwork Graph is becoming a differentiated AI asset.
We think investors underestimate the value of Atlassian's workflow and collaboration data which provides the context AI agents need to deliver accurate, relevant outcomes.
Whether customers use Atlassian's Rovo offerings or third-party AI tools, access to the Teamwork Graph should make those applications more effective while reducing cost and complexity.
Thus, we believe Atlassian is emerging as an AI beneficiary rather than an AI victim, positioning the company to gain share as AI adoption accelerates across the enterprise.
PT $175