RBC Capital incrementally more bullish on MongoDB after developer conference

RBC Capital keeps an Outperform rating and $500 price target on MongoDB (MDB), having attended MongoDB.local San Francisco – MongoDB’s local developer conference – featuring keynote presentations from industry participants as well as MongoDB’s CEO, CJ Desai. The firm has come away incrementally bullish on the stock, particularly following the confirmation of Anthropic as a customer that supports its view that MongoDB should be the database provider of choice for building GenAI/Agentic AI-based applications, the analyst tells investors in a research note.