Cantor Fitzgerald raised the firm’s price target on MongoDB (MDB) to $271 from $252 and keeps an Overweight rating on the shares. MongoDB posted an “impressive” start to its fiscal year, outperforming across all metrics, driven by accelerating Atlas growth, a strong six-point beat on EBIT, and added an additional $800M to its buyback, the analyst tells investors in a research note. The company should continue to benefit from data and application modernization, supporting upside to revenue estimates over the near-term, while showing leverage with the new CFO at the helm, Cantor says.
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Read More on MDB:
- Monness upgrades MongoDB with Atlas out of ‘growth slump’
- MongoDB upgraded to Buy from Neutral at Monness Crespi
- MongoDB’s Strong Performance and Growth Prospects Drive Buy Rating and Increased Price Target
- MongoDB price target raised to $260 from $235 at Guggenheim
- MongoDB price target raised to $275 from $200 at Piper Sandler
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