Needham raised the firm’s price target on MongoDB to $445 from $430 and keeps a Buy rating on the shares. The company’s Q2 results were “strong” with Atlas business coming in slightly ahead of the $265M whisper, the analyst tells investors in a research note. Daily Atlas Consumption accelerated sequentially, which is a strong indicator that the macro environment has stabilized, the firm adds, also noting that MongoDB is definitively a beneficiary from Generative AI as organizations iterate and discover new use-cases.
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