MongoDB price target raised to $395 from $330 at Citi

Citi raised the firm’s price target on MongoDB (MDB) to $395 from $330 and keeps a Buy rating on the shares. The company’s “beat and raise” Q1 delivered a “convincing rebuke to the ongoing narrative of increasing competition and diminishing developer mindshare,” the analyst tells investors in a research note. The firm says Atlas growth reaccelerated to 27% year-over-year, seeing strong new workload additions and healthy consumption, with April macro softness bouncing back in May. It believes MongoDB’s artificial intelligence momentum was also notable with higher profile usage at Cursor and product momentum. The one controversy was the fiscal 2026 guidance, which was raised by $10M versus the $20M beat, Citi adds. The firm, however, sees “significant upside” to the low double-digit guide in the second half of the year.