MongoDB price target raised to $375 from $330 at KeyBanc

KeyBanc raised the firm’s price target on MongoDB (MDB) to $375 from $330 and keeps an Overweight rating on the shares given strong second half of 2024 CIO Survey results for Data & Analytics. The firm’s price target is based on 11.3-times FY27 EV/revenue, a premium to the over 10% software growth group at 8.8-times 2025 EV/revenue given MongoDB’s status as a leading independent no-SQL database vendor in the large database market, a favorable competitive environment, and a potential direct beneficiary of GenAI.