MongoDB price target raised to $543 from $500 at KeyBanc

KeyBanc analyst Michael Turits raised the firm’s price target on MongoDB (MDB) to $543 from $500 and keeps an Overweight rating on the shares ahead of quarterly results. The firm expects solid Q4 results given positive reports and commentary from consumption peers Confluent (CFLT) and Datadog (DDOG), as well as stable-to-accelerating cloud growth from Microsoft’s (MSFT) Azure, AWS (AMZN), and GCP. Management may provide a more conservative initial revenue guide for 2025 than consensus, similar to Datadog, given still broader uncertainty on IT budgets and on tough compares on non-Atlas revenue in 2024, KeyBanc says.