Software company MongoDB (MDB) delivered a strong second-quarter earnings report that helped boost Wall Street confidence and its stock price. MDB stock surged over 39% on Wednesday after the company posted its largest revenue beat in years. This prompted over 20 analysts to raise their price targets on the stock.
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In a snapshot, MDB reported Q2 revenue of $591.4 million, up 24% year-over-year and nearly 7% above consensus estimates. Its cloud database platform, Atlas, grew 29% year-over-year and now accounts for 74% of total revenue. Also, earnings per share of $1.00 comfortably beat the $0.67 estimate.
Importantly, the company raised full-year guidance for revenue, operating income, and EPS, which points to strong momentum heading into the second half of the year.
Here’s what some analysts are saying:
Citi Analyst Sets Street-High Target
Citi analyst Tyler Radke raised his price target to $425 (44.9% upside), the highest on the Street, up from $405, while maintaining a Buy rating.
Radke called the Q2 report an “inflection point,” noting MongoDB’s sales posted the largest beat in years. Citi also raised its Atlas forecasts, citing accelerating adoption and robust cloud demand.
BofA Analyst Says Valuation Is Favorable
BofA Securities analyst Brad Sills lifted his price target to $345 (17.6% upside) from $275, maintaining a Buy rating. Sills credited the upside to a few key growth initiatives, such as targeting bigger customers with better projects and an improved mid-market differentiation, which helped win more deals.
Despite the stock’s sharp rally, Sills noted it still trades at 8x CY26 sales, which he views as attractive given MongoDB’s position in a $100 billion unstructured database market.
Piper Sandler Analyst Cites Atlas Growth and AI Tailwinds
Piper Sandler analyst Brent Bracelin also raised his target to $345, citing Atlas’s 11% quarter-over-quarter growth and accelerating year-over-year momentum. Bracelin sees Atlas on track to hit a $2 billion run-rate next year, aided by over 20% growth prospects.
“Strong Q2 results breathe life back into this AI infrastructure beneficiary,” Bracelin wrote, urging mid-cap growth investors to revisit MDB ahead of its NYC user event and analyst day on September 17.
Overall, based on all the analysts’ reactions, the message is clear: MongoDB is gaining serious momentum.
Is MDB a Good Stock to Buy?
Turning to Wall Street, MDB stock has a Strong Buy consensus rating based on 24 Buys and eight Holds assigned in the last three months. At $311.10, the average MongoDB stock price target implies a 5.3% upside potential.
