"AI as a Tailwind"—Morgan Stanley on Atlassian, February 2026

When Atlassian hit 25% down in late January 2026, Morgan Stanley's Keith Weiss saw a screaming bargain. AI worries? That's actually BULLISH, he argued—more complex projects, more developers, stickier clouds. He slapped a $226.80 price target on it. Fast forward to April 11th: TEAM is trading at $58.78. Down 62% year-to-date. That $226.80 target? It's now 283% above the current price. The "AI tailwind" turned into an AI tsunami. Moral of the story: When you see a 30% upside call and it immediately becomes a 60% downside disaster within eight weeks, maybe—just maybe—the dip was a trap.