Wolfe Research analyst Alex Zukin last night initiated coverage of MongoDB (MDB) with an Outperform rating and $280 price target The firm sees conservative estimates and improving execution at MongoDB. With the shares down 10% year-to-date, reduced estimates, improving margins at a “better narrative” position the shares for better performance, the analyst tells investors in a research note. Wolfe believes MongoDB “sits at the intersection of two powerful secular shifts”: enterprise data modernization and the early innings of artificial intelligence deployment.
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