MongoDB price target raised to $450 from $410 at Canaccord

Canaccord raised the firm’s price target on MongoDB to $450 from $410 and keeps a Buy rating on the shares. The firm noted expectations wer ehigh coming into their earnings report but they did not disappoint. The company built more traction in growing its AI ecosystem in the quarter with Vector Search making a debut at the company’s conference, an expanded partnership with Google Cloud, and the launch of MDB‘s AI Innovators Program, akin to a technology and GTM alliance between technology companies offering products in generative AI.