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Atlassian (NASDAQ: TEAM) has been identified as Wall Street’s top large-cap AI stock, with 80% of 31 analysts rating it as a “buy” or “strong buy.” Analysts project an average 12-month price target roughly 51% higher than its current share price. This comes amid a market environment where Nvidia (NASDAQ: NVDA), with a market cap exceeding $4 trillion, and Palantir Technologies (NASDAQ: PLTR), which has seen over 100% returns this year, are not analysts’ favorites.
Despite being approximately 47% below its peak set in Q1 2025, analysts remain optimistic about Atlassian’s growth prospects fueled by AI integration, with Q4 revenue rising 22% year-over-year to $1.38 billion. The company’s cloud business acts as a significant growth driver, complemented by a favorable reception of its planned acquisition of The Browser Company.
Atlassian’s total addressable market stands at $67 billion, with a $14 billion revenue opportunity identified within its existing customer base, although its forward price-to-earnings ratio of 38.8 suggests a premium valuation that could be a concern for some investors.
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