MongoDB initiated with a Market Perform at Raymond James

Raymond James initiated coverage of MongoDB (MDB) with a Market Perform rating and no price target While MongoDB is one of the most strategically important independent database platforms, the stock debate will become “increasingly balanced,” the analyst tells investors in a research note. The direction of shares will be dictated by MongoDB’s ability to deliver sustainable 20%-plus growth and navigate a consumption-driven revenue model with limited near-term visibility, the analyst tells investors in a research note. Raymond James thinks MongoDB is at a “pivotal strategic crossroads” with the the rise of artificial intelligence while competition intensifies from Postgres and open-source ecosystems.