Atlassian Corporation (NASDAQ:TEAM) is one of the AI Stocks in the Spotlight This Week. On September 23, Bernstein SocGen Group analyst Peter Weed reiterated an Outperform rating on the stock with a $296.00 price target. The rating affirmation follows Atlassian’s two recent acquisitions, both of which are expected to close before the end of the year.
The first of the two acquisitions is Browser Co for $610M, while the other is DX for $1B. The firm believes that both of the acquisitions are a “nice fit” for Atlassian’s Cloud Platform.
The company has successfully expanded its product lineup in the past through similar acquisitions, and while every deal may not pay off immediately, the firm is optimistic on its potential upside and the company’s ability to stay competitive.
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“Overall, we are happy to see that Atlassian is picking up the pace of adding new features/products to its platform. Acquiring popular third-party tools built on top of Atlassian has been the company’s approach to expand its product offerings, and we have seen some successes in the past, such as its Jira Service Management product that was born from multiple small acquisitions. While there could be hits and misses and some investments may take years to bear fruits, we are optimistic in the potential upside and Atlassian’s ability to stay competitive.”
Atlassian Corporation (NASDAQ:TEAM) is a global software company that designs, develops, licenses, and maintains various software products worldwide.
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[SRC] https://finance.yahoo.com/news/why-bernstein-bullish-atlassian-team-232728481.html
