BofA analyst Brad Sills raised the firm’s price target on MongoDB (MDB) to $275 from $215 and keeps a Buy rating on the shares. MongoDB reported a strong Q1, with revenue upside driven by the Atlas cloud business, which represented quarter over quarter revenue growth of 1.3%, the analyst tells investors in a research note. The Q1 results put MongoDB on a better growth trajectory, led by stabilizing usage and easing unused credit headwinds, and BofA believes that high 20s Atlas growth is possible as early as Q2.
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