Atlassian (TEAM) posted "solid" Q3 results, with Cloud and Data Center revenue growth beating expectations, backing confidence in its strategy, Oppenheimer said in a Thursday report.

The results also showed its ability to monetize customer AI usage and address AI displacement concerns, the note said.

"Even with strong after-hours performance, we find the valuation compelling and believe the bear narrative could be difficult to sustain if execution continues," the report said.

"We urge patience and remain bullish," Oppenheimer said, keeping its outperform rating and $100 price target.

Price: 84.92, Change: +16.33, Percent Change: +23.81