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More Reading from MarketBeat Media Atlassian Has Been Crushed—But the Setup Into Earnings Is ShiftingBy Sam Quirke. Originally Published: 1/24/2026. 
At a Glance - Atlassian has been aggressively sold to multi-year lows, despite generating its most revenue ever.
- The extreme pessimism has pushed momentum into oversold territory, but there are already signs of a reversal.
- With some analysts calling for as much as 75% upside from here, Atlassian looks like a diamond in the rough.
Shares of tech stock Atlassian Corp (NASDAQ: TEAM) are trading around $130 after starting the year above $160. With the S&P 500 up more than 1% over the same period, it has been a brutal start to the year for investors. That may not come as a surprise: the stock is down more than 60% from a year ago and recently hit fresh multi-year lows. Atlassian was a serial laggard throughout 2025, and this month's weakness has already made it the worst-performing large-cap stock of 2026 so far. Jerome Powell says gold is not money. The Fed says inflation is under control and the dollar is strong. But look at what they do. Central banks bought more gold last year than any time since 1967. China dumped $100 billion in U.S. debt, then bought gold. Poland, Hungary, Singapore, and Turkey are all loading up. In 2022, the U.S. froze Russia's money and showed the world that assets can be seized. Now major nations want out. There's only one asset no one can freeze: gold. Get the name and ticker of one stock positioned for this shift. On the surface, that kind of move looks like a clear vote of no confidence and will keep many investors away. But for contrarian investors, it's worth a closer look. With Atlassian's next earnings report due in less than two weeks, there are several reasons this could be a buying opportunity—here are the top three. Reason #1: Wall Street Sees Upside in Atlassian Stock One clear signal that sentiment may be out of sync with fundamentals is the sell-side stance. Over the past three weeks, several firms have reiterated Buy or equivalent ratings on Atlassian. Mizuho, which named the stock one of its favorite picks for 2026, recently gave it an Outperform rating and a $225 price target. Citigroup issued a Buy with a $210 target, while Piper Sandler and BTIG Research also struck a bullish tone. The common thread across these updates is that the market has become overly negative about the impact of AI agents and automation on Atlassian's growth. Analysts largely agree those concerns are being misinterpreted and exaggerated: AI is more likely to enhance Atlassian's platform than to undermine its core value proposition. When analysts suggest as much as 75% upside, it's hard not to take notice, no matter how ugly the chart looks. Reason #2: Oversold Readings Suggest Atlassian Is Stabilizing From a technical standpoint, Atlassian's chart looks battered but is starting to show signs of stabilization. Earlier this month the stock's relative strength index (RSI) fell to 19, firmly in oversold territory. Since then the RSI has moved back above the sub-30 danger zone and is trending higher—a classic sign that selling pressure is easing. This week's price action supports that view. Atlassian has popped roughly 10% over the past three sessions, a notable shift after weeks of relentless selling. The stock is also near long-term support and roughly in the same zone where selling dried up three years ago. While it may be too early to call a full trend reversal, these are the kinds of signals that often mark a transition from selling to consolidation. Reason #3: Atlassian's Fundamentals Still Look Solid Perhaps the most compelling counterargument to the market's reaction is that Atlassian's fundamentals remain intact. The company has continued to top analyst expectations, and its most recent earnings report delivered its highest-ever revenue — not what you'd expect from a business in terminal decline. There are also signs Atlassian's own AI-driven initiatives are gaining traction, helping to counter fears it will be left behind in an increasingly automated software landscape. Meanwhile, valuation has improved significantly after a year of heavy selling, making the stock more attractive than it has been in recent memory. None of this removes risk. Atlassian has been a tough stock to own, and confidence won't return overnight. But with the risk/reward profile looking favorable, the market may already have priced in the worst-case scenario. If the company can once again top analyst expectations in two weeks, it could be enough to kick off a recovery rally.
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