JMP Securities analyst Patrick Walravens upgraded MongoDB to Outperform from Market Perform with a $215 price target. The company delivered much better than expected Q3 results as it saw a rebound in Atlas consumption, particularly in areas that were below expectations in Q2, and continues to see "a healthy environment for new business," Walravens tells investors in a research note. The analyst likes MongoDB saying it targets a large total addressable market estimated at $85B in 2022 with a "superior operational database product."
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