Bank of America Securities analyst Koji Ikeda has reiterated their bullish stance on MDB stock, giving a Buy rating on January 21.
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Koji Ikeda has given his Buy rating due to a combination of factors that point to durable, above-market growth for MongoDB. He sees MongoDB’s dual go-to-market approach—selling directly into large enterprises while also leveraging self-service, product-led adoption—as effectively driving broader usage and supporting continued acceleration in Atlas, its cloud database business. In his view, MongoDB’s expanding feature set, including AI-related capabilities like vector search and tools for modernizing legacy applications, positions the company to capture incremental workloads and spending as organizations upgrade their data infrastructure.
Ikeda also argues that MongoDB’s strong competitive positioning and leadership in modern databases justify a valuation premium versus other infrastructure software peers, especially given Atlas’s growth well above sector averages. He notes that management has improved its communication around key metrics such as Atlas growth expectations and non-Atlas recurring revenue, making the company’s financial trajectory easier for investors to follow and reducing uncertainty around its complex revenue model. While acknowledging competitive and execution risks, he believes the company’s innovation pace, large addressable market, and solid execution support his higher price objective and continued Buy recommendation.