MongoDB initiated with a Neutral at DA Davidson

DA Davidson analyst Rudy Kessinger initiated coverage of MongoDB with a Neutral rating and $405 price target and added the stock as a member of D.A. Davidson’s “Best-of-Breed Bison” initiative. MongoDB operates in “a very attractive” $80B-plus database market with secular tailwinds and is “the clear NoSQL market leader,” contends the analyst. However, the firm sees shares as unlikely to outperform over the near-to-intermediate term given the stock’s “already premium valuation” and believes consensus FY25 and FY26 estimates “leave more room for downside than upside.”