BofA Securities analyst Koji Ikeda raised the price target on Atlassian Corporation (NASDAQ: TEAM) to $100.00 (from $84.00) while maintaining a Neutral rating.

The analyst comments "Atlassian (TEAM) reported good F3Q26 results with Cloud revenue and non-GAAP operating income above BofA/Street. One blemish was free cash flow missing BofA/Street forecasts, which was partially affected by severance payments from the recent layoff. While we see little in the report that could shake the longer-term bear thesis that AI erodes Atlassian’s value proposition, the results should give investors comfort that this bear thesis is not playing out in the next quarter or two. We look to next week’s investor session at its annual customer conference Team (May 6th), where we will get more disclosures and historical subscription ARR, which could help cut through the transition noise in the model. Atlassian delivered a good quarter, and we are more constructive on its execution potential. However, we reiterate our Neutral rating until we get more data points that its value proposition is secure long-term. Raise forecast for higher DC revenue assumptions and cloud migration assumptions which drives an increased PO to $100 (from $84) on higher execution confidence and forecast."