Scotiabank starts MongoDB at Sector Perform, sees minimal AI tailwind in 2024

As previously reported, Scotiabank initiated coverage of MongoDB with a Sector Perform rating and $335 price target. MongoDB has emerged as a leader in the NoSQL database market and investors are “pointing to MDB as a clear play on AI,” says the analyst, who believes “the AI hype,” but adds that the benefits will not materialize overnight. The firm, which sees “minimal AI tailwind” to MongoDB in 2024, also notes that the Street’s subscription revenue growth forecast for FY25 is “among the fastest in software.”