MongoDB initiated with an Outperform at Bernstein

Bernstein initiated coverage of MongoDB with an Outperform rating and $282 price target. The analyst says MongoDB is a "best-of-breed," new-generation, database vendor that is trying to establish itself in a "large and growing" database software market by capitalizing on :explosive growth" in data and new types of workloads created around them. The firm thinks the company can sustain growth despite competition. MongoDB’s profitability is a concern, but this is baked into expectations, contends Bernstein.