Is Atlassian Corporation (TEAM) One of Steve Cohen’s Stock Picks with High Upside Potential?

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.

Is Atlassian Corporation (TEAM) One of Steve Cohen’s Stock Picks with High Upside Potential?

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 risk and potential of TEAM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than TEAM and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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