Piper Sandler raised the firm’s price target on MongoDB (MDB) to $345 from $275 and keeps an Overweight rating on the shares. The firm cites higher estimates and higher EV/free cash flow target multiple at 28-times based on robust cloud database demand. Strong Q2 results breathe life back into this AI infrastructure beneficiary with Atlas poised to surpass a $2B run-rate next year on 20%-plus growth prospects, Piper says. The firm recommends mid-cap growth investors revisit MongoDB ahead of the NYC user event and analyst day next month.
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