MongoDB price target raised to $484 from $435 at Argus

Argus raised the firm’s price target on MongoDB to $484 from $435 and keeps a Buy rating on the shares after the company’s Q2 earnings beat and FY24 guidance raise last week. The firm contends that MongoDB could become a disrupter in the large enterprise database software market with the opportunity to capture market share as enterprises migrate more critical IT workloads to the cloud, the analyst tells investors in a research note. Argus is also raising its FY24 EPS view to $2.33 from $1.64 and its FY25 view to $2.55 from $1.99.