BofA Upgrades Atlassian to Buy

5% y/y vs. 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