Meet the Large-Cap AI Stock That Wall Street Is Most Bullish About Right Now (Hint: It's Not Nvidia or Palantir)

Key Points

• Analysts are most bullish about one large-cap AI stock that has plunged since earlier this year.

• Wall Street seems to like this stock's growth prospects and a planned acquisition.

• The main knock against this AI stock is its premium valuation.

• 10 stocks we like better than Atlassian ›

Nvidia (NASDAQ: NVDA) easily ranks as the biggest artificial intelligence (AI) stock with its market cap of over $4 trillion. Palantir Technologies (NASDAQ: PLTR) is the best-performing AI stock this year with an impressive return of over 100%.

But are Nvidia and Palantir analysts' favorite large-cap AI stocks? Nope. Neither the biggest nor the best-performing AI stocks are even close to the top of the pack. Meet the large-cap AI stock that Wall Street is most bullish about right now.

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Image source: Getty Images.

Undeniably bullish

There are two ways to determine what Wall Street thinks about a stock. First, examine the number of recommendations that are classified as "buys" or "strong buys." The more positive ratings, the better. Second, check out the average 12-month price targets. The more upside potential, the more bullish analysts are about a stock.

Palantir doesn't fare well on either front. Only four of the 25 analysts surveyed by S&P Global (NYSE: SPGI) in September rated the stock as a "buy" or better. The consensus 12-month price target is a little below Palantir's current share price. On the other hand, analysts are decidedly upbeat about Nvidia, with 58 of 65 analysts rating the GPU maker as a "buy" or "strong buy." Also, the average price target is around 23% higher than Nvidia's current share price.

But which large-cap AI stock does Wall Street like the most? To find out, I screened out stocks where fewer than 75% of analysts surveyed had "buy" or better ratings. I also eliminated stocks with fewer than 20 analysts covering the stock. After whittling the list down, I identified the AI stock with the consensus price target reflecting the greatest upside potential.

Top contenders included Adobe (NASDAQ: ADBE), CoreWeave (NASDAQ: CRWV), and HubSpot (NYSE: HUBS). However, Wall Street's top large-cap AI stock appears to be... Atlassian (NASDAQ: TEAM).

Of the 31 analysts surveyed by S&P Global in September who cover Atlassian, 25 (80%) rated the stock as a "buy" or "strong buy." No analysts recommended selling Atlassian, by the way. The average 12-month price target for the stock is roughly 51% above its current share price. Wall Street is undeniably bullish about Atlassian.

What do analysts like about Atlassian?

Perhaps most importantly, many analysts seem to think Atlassian's recent sell-off was overdone. The stock is around 47% below its peak set in the first quarter of 2025. However, based on the overwhelming bullishness on Wall Street, analysts like the company's growth prospects.

AI is a key growth driver for Atlassian. CEO and co-founder Mike Cannon-Brookes said in his company's fiscal 2025 fourth-quarter update in August, "AI is fundamentally changing the way we work, and creating significant tailwinds for Atlassian in the process."

In Q4, Atlassian's revenue jumped 22% year over year to $1.38 billion. Adjusted earnings soared 51% to $259.1 million. The company's cloud business was the primary growth engine. It's likely to retain that distinction, with Raymond James (NYSE: RJF) analysts Adam Tindle and Mark Cash writing to investors after Atlassian's Q4 earnings report that the company's "cloud value proposition has recently tripled."

Atlassian's recently announced plan to acquire The Browser Company also seems to be viewed favorably by some analysts. The goal behind this acquisition is to deliver an AI-powered browser built for running software as a service (SaaS) applications.

Is Wall Street right about this AI stock?

I don't know whether or not Atlassian will be able to soar 51% and hit analysts' price target over the next 12 months. However, I agree with the overall bullish sentiment about the stock.

Atlassian has a huge $67 billion total addressable market. Management believes it has a $14 billion revenue opportunity within its current customer base alone -- and that's without increasing prices. The company appears to be in a good position to capitalize on its opportunities.

Probably the biggest knock against Atlassian is that it isn't cheap, even after the sell-off. The stock's forward price-to-earnings ratio is 38.8, which definitely reflects a premium valuation. Still, I think Wall Street is right that Atlassian has plenty of room to run. It isn't my favorite large-cap AI stock, but it could be a winner for investors over the next few years.

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Annie Dean, a Vice President at Atlassian, is a member of The Motley Fool's board of directors. Keith Speights has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Adobe, Atlassian, HubSpot, Nvidia, Palantir Technologies, and S&P Global. The Motley Fool has a disclosure policy.