Truist analyst Miller Jump raised the firm’s price target on MongoDB (MDB) to $400 from $375 and keeps a Buy rating on the shares after the company announced retirement of 11year CEO Dev Ittycheria and the appointment of Chirantan Desai as president and CEO effective November 10. While the firm is sorry to see Ittycheria go, it sees Desai as a “highly capable” successor,” as it particularly views Desai’s wealth of enterprise experience as aligned with MongoDB’s current strategic aim. Truist increased its estimates tot reflect commentary on the quarter as well.
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