Atlassian has been upgraded to a Strong Buy following its Q3 results, which show its business model is improving significantly. Subscription revenue now makes up 95.1% of total revenue, driven by cloud migration and AI adoption. The company’s operational efficiency has increased, with a non-GAAP operating margin of 34% and free cash flow of $561.3 million despite restructuring costs. Valuation remains conservative at 16.1 times forward non-GAAP P/E, with potential upside from margin expansion and continued cloud and AI momentum.

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