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More Reading from MarketBeat Media Atlassian Has Been Crushed—But the Setup Into Earnings Is ShiftingAuthored by Sam Quirke. Originally Published: 1/24/2026. 
Quick Look - 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's been a brutal start to the year for investors. That likely won't have surprised many: the stock is down more than 60% from a year ago and has hit fresh multi-year lows. Atlassian was already a serial laggard through 2025, and the weakness so far this month has made it the worst-performing large-cap stock of 2026 to date. A major force in the crypto world is quietly becoming one of gold's most aggressive buyers — and most investors have no idea it's happening.
A longtime gold analyst says profits from a leading stablecoin operation are being funneled into physical gold at a scale that could materially impact supply and demand. After a recent meeting with insiders, he began outlining what this trend could mean for gold prices and a small group of companies positioned to benefit. Read the full gold briefing here On the surface, that kind of move looks like a clear vote of no confidence and will keep many investors away. For contrarians, however, it's the kind of setup worth a closer look. As we head into the back end of January, with Atlassian's next earnings report due in less than two weeks, there are several reasons to think 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 have diverged from fundamentals is the sell-side stance. Over the past three weeks alone, multiple firms have reiterated Buy or equivalent ratings on Atlassian. Mizuho, which named the stock one of its favorite picks heading into 2026, recently gave it a fresh Outperform rating and a $225 price target. Citigroup made a similar move with a Buy rating and a $210 target, while Piper Sandler and BTIG Research struck a bullish tone as well. 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 prospects. While analysts don't dismiss those risks, many say the concerns are being misinterpreted and exaggerated — AI is more likely to enhance Atlassian's platform than to undermine its core value proposition. When analysts are pointing to as much as 75% upside, it's hard not to see meaningful potential despite a weak chart. Reason #2: Oversold Readings Suggest Atlassian Is Stabilizing That's important because, from a technical standpoint, Atlassian's chart looks ugly — though it is beginning to show signs of stabilization. Earlier this month the stock's relative strength index (RSI) fell as low as 19, putting it in extremely oversold territory. Since then, 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 sitting near long-term support levels and roughly in the same zone where sellers gave up three years ago. It may be too early to call a full trend reversal, but these are the kinds of signals that often mark the transition from selling to consolidation. Reason #3: Atlassian's Fundamentals Still Look Solid Perhaps the most compelling argument against the market's reaction is that Atlassian's fundamentals remain intact. The company has continued to top analyst expectations regularly, and its most recent earnings report delivered its highest-ever revenue — not the kind of result you'd expect from a business in terminal decline. There are also signs that 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, the stock's valuation has improved significantly after a year of heavy selling, making it look more attractive than it has in recent memory. None of this removes risk. Atlassian has been a difficult stock to own, and confidence won't return overnight. But with the risk/reward profile looking this compelling, it's reasonable to conclude the market has largely priced in a 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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