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FINWIRES

Atlassian Still 'Positive' Longer Term, Oppenheimer Says

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Atlassian (TEAM) is positioned to benefit from enterprise adoption of AI-powered workflow tools, though declines in data center revenue growth will weigh near-term, Oppenheimer said in a Monday note.

The note pointed to the firm's negative data center growth outlook in fiscal 2027 before reacceleration in the following year.

"We're adjusting our estimates and believe FY27/FY28 consensus DC projections (-4.9%/-7.0%) aren't declining steeply enough

(we model -15.0%/-20.9%)," the report said.

"We remain positive longer term, though would wait for quantified FY27 to get aggressive again," it added.

The report also noted positively-biased spending intentions from customers and its critical partner status.

Oppenheimer maintained its outperform rating on the stock and raised its price target to $110 from $100.

Price: $87.06, Change: $-4.54, Percent Change: -4.96%

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