Analyst Keith Bachman from BMO Capital maintained a Buy rating on MongoDB and increased the price target to $455.00 from $415.00.
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Keith Bachman has given his Buy rating due to a combination of factors that highlight MongoDB’s strong performance and growth potential. MongoDB has shown impressive results, surpassing revenue expectations for both its Atlas and non-Atlas segments. The company’s Atlas platform, in particular, demonstrated robust year-over-year growth, which exceeded both internal estimates and investor expectations. This growth was driven by a broad-based increase in workloads from both existing and new customers, with large customers contributing significantly to workload expansion.
Furthermore, MongoDB’s operating margin and free cash flow have shown notable improvements, indicating strong financial health. The company also provided an optimistic revenue guidance for the upcoming quarter, which is above consensus estimates. Additionally, MongoDB’s position in the non-relational database market and its potential to benefit from the growth of AI workloads further support the positive outlook. These factors collectively contribute to the decision to maintain a Buy rating and increase the target price.
In another report released today, Piper Sandler also reiterated a Buy rating on the stock with a $490.00 price target.