MongoDB price target raised to $430 from $390 at Baird

Baird analyst William Power raised the firm’s price target on MongoDB to $430 from $390 and keeps an Outperform rating on the shares. The firm attended the company’s user conference where the company announced a new Vector Search capability to help drive Generative AI workloads, along with the multiple ways AI should benefit its platform. In addition, the company announced new Atlas search and stream processing capabilities, which could significantly expand its database platform capabilities and TAM, and Queryable Encryption.