Bernstein Cuts Atlassian Price Target 4.6% to $290 After Q2 Beat
Bernstein trimmed Atlassian's price target by 4.6% to $290 after Q2 revenue grew 23.3% year-on-year to $1.59 billion, led by cloud, data center and marketplace segments. Management raised FY2026 revenue guidance to about 22%, with cloud at 24.3%, data center at 20% and marketplace at 6%.
1. Analyst Revision
On February 6, Bernstein reduced Atlassian’s price target from $304 to $290, marking a 4.6% cut, while retaining an Outperform rating. The firm highlighted investor concern over the impact of artificial intelligence but affirmed Atlassian’s strong competitive moat against generative AI disruption.
2. Q2-2026 Financial Performance
Atlassian reported Q2 revenue of $1.59 billion, a 23.3% increase year-on-year compared with 20.6% in Q1. Growth was driven by a 26.0% increase in cloud revenue, a 20.4% rise in data center sales and a 9.1% gain in marketplace revenue.
3. Raised FY2026 Revenue Guidance
Following the robust second quarter, management lifted FY2026 revenue growth guidance to approximately 22%. The updated outlook includes 24.3% growth in cloud, 20.0% in data center and 6.0% in the marketplace segment.