MongoDB price target raised to $440 from $420 at Goldman Sachs

Goldman Sachs analyst Kash Rangan raised the firm’s price target on MongoDB to $440 from $420 and keeps a Buy rating on the shares. The analyst left the company’s investor session “increasingly constructive” on its ability to sustainably land new customers and workloads that can ultimately translate into $6bB in revenue longer-term. The firm says MongoDB is enriching its developer data platform with new functionality to meet the requirements of the “next big paradigm shift,” generative artificial intelligence. Goldman sees MongoDB being a primary beneficiary of accelerated app development with the advent of coding productivity tools such as GitHub Copilot.