MongoDB price target raised to $400 from $315 at Loop Capital

Loop Capital analyst Yun Kim raised the firm’s price target on MongoDB (MDB) to $400 from $315 and keeps a Buy rating on the shares ahead of its Q3 results. The firm sees the company reporting a quarter that was similar to the positive Q2 report while also maintaining its growth outlook for the year, noting that its latest checks into the cloud spending trends suggest that much of the positive demand and consumption trends for MongoDB at the end of the first half continued in Q3 and also continued to modestly improve in Q4, the analyst tells investors in a research note. With MongoDB’s Cloud Atlas business showing continued signs of stable and steady growth trends, investor sentiment should continue to turn more positive as investors increase their focus on the timing of acceleration in its Atlas business growth trajectory next year, the firm added.