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Atlassian上涨，BTIG开始获得买入评级
2025-12-17 21:54
- Atlassian (TEAM) shares ticked up 0.5% in premarket trading on Wednesday as BTIG started coverage on the collaboration software company with a Buy rating and $220 price target.
- “Going into year 24 since founding Jira, the industry standard for project tracking, TEAM is embarking on its AI chapter with strong momentum,” BTIG analyst Allan Verkhovski wrote in a note to clients. “Concerns around TEAM's achievement of its 3-year 20% revenue CAGR and the company's positioning with AI contributed to shares being down 33% YTD, now trading near historic lows – 6x EV/Sales and 21x EV/FCF on an NTM basis. In Q3, monthly active users of TEAM's AI capabilities grew 50% q/q to 3.5 million and TEAM customers using AI code generation tools expanded their paid seats on Jira at a rate 5% higher than those who don't.”
- Verkhovski continued: “TEAM's unique position goes beyond simply being a data source for emerging code tools; the company effectively controls the “infrastructure,” dictating how users interact with, access, and navigate their collaborative environments. Rovo, the company's AI-powered assistant, helps teams find information, automate tasks, and collaborate more efficiently. The compounding usage and ROI from TEAM's AI capabilities bolsters our conviction in TEAM's long-term pricing power, an area where TEAM already has significant strength, and we are excited about AI-related M&A like The Browser Company. Meanwhile, organic cloud revenue growth isn't slowing (we estimate high-teens) and end-of-life for Data Center is ~3 years away which could move to cloud with a 1.4x revenue uplift – many of TEAM's [data center] customers are large enterprises that have been paying the cost of a cup of coffee per user per month, suggesting meaningful expansion potential. We view the setup as an exceptionally attractive risk-reward and TEAM is our Top Pick for 2026.”
More on Atlassian
- Atlassian's Cloud Bet: Short-Term Loss, Big Upside
- Atlassian: The Teamwork Engine That's Growing Fast And Profitable
- Atlassian: Software's New Value Play
- Palantir leads enterprise software stocks lower
- ServiceNow CFO says AI only matters if it 'drives real outcomes'
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