MongoDB price target raised to $440 from $270 at Morgan Stanley

Morgan Stanley raised the firm’s price target on MongoDB to $440 from $270 and keeps an Overweight rating on the shares following the company’s investor day, which left the firm feeling “rather optimistic on MongoDB’s growth prospects.” Following yesterday’s event, the firm is more confident on long-term growth prospects given what it calls “an impressive innovation engine,” highlighted by the entry into vector search and stream processing markets. Vector Search and Stream Processing were just two of “multiple consequential product announcements,” says the firm, which argues that the larger takeaway for investors is that MongoDB is rapidly elevating its status as a platform that can address a wide range of use cases.