MongoDB price target raised to $400 from $345 at Piper Sandler

Piper Sandler raised the firm’s price target on MongoDB (MDB) to $400 from $345 and keeps an Overweight rating on the shares. The MongoDB 3.0 vision to scale to $5B and pursue a path to Rule of 40 was encouraging, the firm says. That said, Piper was even more impressed with leadership taking a more aggressive stance challenging Postgres as a potential default for AI applications. Skeptics were proven wrong early on as it gained popularity against a litany of NoSQL competitors, and again later, after it drove clear differentiation over embedded options from the largest cloud titans, the firm notes.