Analyst Keith Bachman from BMO Capital maintained a Buy rating on MongoDB and keeping the price target at $365.00.
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Keith Bachman has given his Buy rating due to a combination of factors that highlight MongoDB’s strategic positioning in the evolving database market. Bachman notes that MongoDB is poised to benefit from the anticipated growth in AI workloads, despite the uncertainty in the timing of these developments. The company’s ability to handle unstructured data and scale efficiently positions it well to capture a larger share of the AI-driven market expansion.
Furthermore, MongoDB’s technology is seen as superior in the non-relational database sector, which is both large and rapidly growing. Bachman also points out that MongoDB’s current customer base, with a significant portion already engaged in AI use cases, indicates potential for further growth as AI adoption increases. Overall, MongoDB’s technological advantages and market opportunities underpin the Buy rating, with expectations of sustained growth in its Atlas product over the coming years.
In another report released yesterday, Wells Fargo also initiated coverage with a Buy rating on the stock with a $430.00 price target.