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Atlassian Corporation (NASDAQ:TEAM) is one of billionaire Steve Cohen’s large-cap stock picks with the highest upside potential. On May 7, Piper Sandler reiterated an Overweight rating on Atlassian Corporation (NASDAQ:TEAM) and a $175 price target.

The research firm remains optimistic about the company’s outlook following the annual user conference and investor forum. In the conference, management addressed some of the concerns that have contributed to about a 45% decline in shares. In addition, Piper Sandler has touted the company’s subscription annual recurring growth that has accelerated over the past two years.

The Research firm has also touted the company’s move to open its Teamwork Graph so that agents from across the ecosystem can search and reason securely across tools and teams. Consequently, it provides context for agentic AI to scale in the enterprise.

Earlier, analysts at BTIG reiterated a Buy rating on Atlassian Corporation but cut the price target to $110 from $140. The research firm remains bullish while expecting the company to deliver solid cloud revenue growth amid an expanded partnership with Google Cloud. The partnership paves the way for integrating AI models with the Rovo AI platform and Google Workspace.

Atlassian Corporation (NASDAQ:TEAM) provides collaboration, productivity, and workflow software designed for software developers, IT professionals, and business teams. Its core products are used to plan work, manage IT services, automate tasks using AI (Rovo), and connect teams.

While we acknowledge the potential of TEAM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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