$TEAM

Atlassian (TEAM) hit a 52-week high, closing at $194.68, up 4.42%. BTIG raised its price target to $230. Q4 revenue was $1.77B, up 27.6% YoY, beating estimates. Adjusted EPS was $1.87, a 24.5% beat. Cloud revenue grew 31%. Analysts cite AI benefits and enterprise sales growth.

Atlassian (TEAM) will introduce usage-based charges for AI and automation in December 2026, supplementing its existing subscription model. The change reflects an industry shift as AI agents disrupt traditional seat-based pricing. Customers will pay for AI credits, automated workflows, and AI-resolved requests, with most paid cloud plans including an allowance. Microsoft (MSFT) and Salesforce (CRM) have also adopted similar hybrid models, blending seat and consumption-based pricing.

Atlassian (TEAM) shares rose 84.9% in 3 months, outperforming peers. Q4 FY2026 revenue grew 28% YoY, cloud revenue up 31%. Rovo adoption drove customer expansion. However, AI investments may reduce profitability, with GAAP operating margin expected at 4.5% in FY2027. TEAM trades at a premium P/S ratio of 6.23X.

UBS upgraded SolarEdge (SEDG) to Buy with a $42 target, citing FCC benefits. Wolfe upgraded DT Midstream (DTM) to Outperform with a $145 target. Piper upgraded Neogen (NEOG) to Overweight with a $14 target. UBS upgraded Argenx (ARGX) to Buy with a $1,400 target. National Bank upgraded Scotiabank (BNS) to Outperform with a C$142 target. JPMorgan and BofA downgraded Intuit (INTU) to Neutral with a $331 target. Truist downgraded Dick's Sporting (DKS) and Nike (NKE). Wells downgraded GoDaddy (GDDY).

Enterprise software stocks surged after strong earnings reports and AI-driven growth. Salesforce, CrowdStrike, and Okta showed AI boosted their products. Appian (APPN) +8%, Atlassian (TEAM) +9.1%, Bandwidth (BAND) +10.1%, C3.ai (AI) +7%, Dynatrace (DT) +4.3%. Bandwidth is up 265% YTD but still below 52-week high.

Figma (FIG) rose 12% to $30.27, while Atlassian (TEAM) gained 8% to $181.71, as investors reassess AI's impact on design and collaboration software. Figma's rebound follows a 28% YTD decline, while Atlassian extends its 4% YTD gain. No company-specific catalysts were verified, but the move aligns with broader software strength and Figma's August revenue forecast raise.

RBC Capital initiated coverage on Atlassian (TEAM) with an 'Outperform' rating and a $215 price target, suggesting 30% upside. The firm expects growth from subscriptions, AI, and cloud migrations to drive performance. TEAM shares are up 200% year-to-date. RBC argues AI will not reduce software seat demand. The consensus rating is 'Strong Buy' with a $181 mean target.

Analysts initiated coverage on several companies: Needham rated Evommune (EVMN) Buy with a $28 target, Daiwa rated ACM Research (ACMR) Buy with a $136 target, Wolfe Research rated Harmony Biosciences (HRMY) Outperform with a $60 target, RBC rated Atlassian (TEAM) Outperform with a $215 target, and RBC rated JFrog (FROG) Outperform with a $118 target.

U.S. stock futures slightly lower after economic data showed higher-than-expected inflation and GDP growth in line with estimates. Nvidia's earnings report is a key focus, with shares up 0.4% premarket. Intuit shares dropped 11.5% after revenue forecast missed expectations. Investors await Fed clues on interest rates.

Wall Street analysts issued upgrades, downgrades, and initiations for several companies. Upgrades include argenx (ARGX) to Buy at UBS, DT Midstream (DTM) to Outperform at Wolfe Research, and SolarEdge (SEDG) to Buy at UBS. Downgrades include Dick's Sporting Goods (DKS) to Hold at Truist, EPAM Systems (EPAM) to Neutral at JPMorgan, and Intuit (INTU) to Neutral at Bank of America. Initiations include Atlassian (TEAM) with Outperform at RBC, JFrog (FROG) with Outperform at RBC, and Lattice Semicond