Atlassian (NASDAQ:TEAM) sparked worry among shareholders after releasing its second-quarter results, causing a stir in the investor community. Despite this, a number of Wall Street firms came to the defense of the cloud software company, highlighting its potential for long-term growth.

“While investors debate the next leg of growth for TEAM, we believe TEAM is a great long-term growth franchise with multiple long-term growth levers,” wrote Jeffries analyst Brent Thill in a note Friday.

On Friday, Atlassian shares plummeted by 13% following its offer of cloud guidance that fell short of expectations, compounding concerns among investors.

Atlassian CFO Joe Binz mentioned during Thursday’s earnings call that the company noticed a dip in paid seat expansion, particularly in small and medium-sized businesses, which was lower than expected, even as customers did not show a clear preference for data center over cloud.

As the impact of these headwinds from small and medium-sized businesses weighed on growth, Goldman Sachs analyst Kash Rangan suggested that Atlassian’s cloud transition may be more protracted than initially anticipated.

“While an inflection in Cloud mix will likely be driven by an improving macro backdrop and increased functionality in the Cloud, we are reassured by the stabilization of leading indicators and see the strong base of Data Center customers offering a healthy conversion pipeline to Cloud over time,” Rangan said.

During the call, Atlassian CEO Scott Farquhar emphasized, “Migrations will continue for multiple years,” pointing out that half of the migrations come from data center customers.

“In this last quarter, even with a lot of server customers migrating with the end of support, 60% of our migrations in last quarter came from data center customers. So with that, we expect to see migrations continue for a long time to come.”

Despite the complexities arising from Atlassian’s headwinds in the latest quarterly results and guidance, William Blair maintained confidence in the company’s long-term growth prospects.

“Its cloud migration remains on track and should provide an area of stability despite more macro uncertainty,” William Blair analysts Arjun Bhatia and others said in a note.