MongoDB price target raised to $406 from $312 at Cantor Fitzgerald

Cantor Fitzgerald analyst Thomas Blakey raised the firm’s price target on MongoDB (MDB) to $406 from $312 and keeps an Overweight rating on the shares. The firm came away from MongoDB’s user conference and Analyst Day with increased confidence in the underlying thesis of Atlas strength, commitment to margin expansion, and competitive positioning in the AI data stack, the analyst tells investors in a research note. While Cantor expected a stronger outlook than the financial framework management laid out, management offered “soothing” commentary with the implication these should be viewed as a floor, the firm says.