Bernstein lowered the firm’s price target on Atlassian (TEAM) to $290 from $296 and keeps an Outperform rating on the shares. The firm notes Atlassian’s Q1 2026 delivered a strong beat in both Cloud and Data Center as the effects of their recently announced Data Center end-of-life started to impact. Even though the announcement occurred near the end of the quarter, enough renewals occurred to drive a $19M tailwind to Data Center. And of those, nearly half decided to migrate to Cloud immediately. With that said, the company reiterated earlier expectations that the Cloud migrations would remain more similar to prior plans likely until FY28, given the practical requirements and lead times customers have, Bernstein adds.
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