BMO Capital raised the firm’s price target on MongoDB (MDB) to $315 from $280 and keeps an Outperform rating on the shares. The company generated $42M of sequential Atlas revenue growth which was comfortably above the firm’s estimate of $19M, and its upcoming September investor day can serve as a catalyst by increasing investor confidence in the durability of Atlas growth and alleviating competitive concerns relative to its large total addressable market, the analyst tells investors in a research note. If MongoDB can generate high teens to 20% type of FY27 consolidated growth, BMO contends that its assumed multiple “could prove conservative”.
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