MongoDB price target raised to $425 from $400 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on MongoDB to $425 from $400 and keeps an Overweight rating on the shares. The company’s growth reaccelerated back to nearly 40% year-over-year, aided by large multi-year licensing deals and renewal expansions, the analyst tells investors in a research note. However, cloud optimization headwinds continued to pressure the Atlas cloud database growth that moderated for the sixth consecutive quarter to 38%, says the firm.