Analyst Mike Cikos from Needham maintained a Buy rating on MongoDB and increased the price target to $365.00 from $325.00.
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Mike Cikos’s rating is based on MongoDB’s strategic focus on sustainable and profitable growth, as highlighted during the recent MongoDB.local event in New York City. The company presented a 3-5 year financial framework that emphasizes steady revenue growth, which, although initially perceived as modest, is bolstered by opportunities in AI and competitive migrations.
Furthermore, Cikos is optimistic about MongoDB’s positioning in the AI sector, particularly with its advancements in data embeddings and the integration of Voyage’s advanced models. These developments, along with the limitations faced by traditional relational database offerings, enhance MongoDB’s competitive edge and potential for incremental growth.
In another report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a $400.00 price target.