Barclays ups MongoDB target, expects ‘meaningful short squeeze’

Barclays analyst Raimo Lenschow raised the firm’s price target on MongoDB to $240 from $233 and keeps an Overweight rating on the shares following last night’s results. The analyst sees MongoDB shares "moving significantly higher." The "solid" Q3 results can now disprove most of the "bearish themes" that followed the Q3 results, says Lenschow, who expects a "meaningful short squeeze." Better Atlas consumption trends, healthy customer adds and much better profitability should "drive investors back into the name as its status as a premium growth asset got confirmed," Lenschow tells investors in a research note.