MongoDB price target raised to $365 from $325 at DA Davidson

DA Davidson analyst Rudy Kessinger raised the firm’s price target on MongoDB (MDB) to $365 from $325 and keeps a Buy rating on the shares. The company’s Investor Session featured the discussion of new features and the extension of some Atlas-only features to Community Edition and EA, as well as the launch of the Application Modernization Platform, the analyst tells investors in a research note. Conversations with customers were also positive and continue to validate the firm’s long-term thesis, even though the gen-AI use cases are “still not taking off” and the management’s 3-5 year targets were “a bit disappointing”, the firm added.