Atlassian Corporation (NASDAQ:TEAM) is one of the 7 Worst Cloud Stocks To Buy According to Short Sellers.
On June 9, Ryan MacWilliams of Wells Fargo assigned a Buy rating to Atlassian Corporation (NASDAQ:TEAM) while increasing the price target
He raised the firm’s price target on the stock from $120 to $140. The upwardly revised price target offers an additional 53% upside from the current levels. The analyst believes investors remain divided on AI.
They question whether AI will help the company grow the number of users or revenue per user. The company disclosed in its Q2 results that customers using AI tools in Jira create about 5% more tasks, use the product more often, and add users 5% faster than those who don’t use AI tools. Moreover, customers using its AI product Rovo are growing their revenue twice as fast as those who don’t.