MongoDB price target raised to $425 from $335 at Piper Sandler

Piper Sandler raised the firm’s price target on MongoDB (MDB) to $425 from $335 and keeps an Overweight rating on the shares. The firm notes negative investor sentiment on MongoDB appears to be reversing with shares up 38% in the last 3-months aided by favorable commentary from other data consumption related stocks. While short covering likely explains the +20% surge in the last week alone, Piper highlights that MongoDB remains one of its highest conviction tactical idea to own into next year ahead of a normalization in growth and improving margin prospects.