Wedbush starts MongoDB with Outperform, likes expanding use cases

Wedbush analyst Taz Koujalgi last night initiated coverage of MongoDB with an Outperform rating and $240 price target. MongoDB is a leading provider of database software, offered on-premise or as a software-as-a-service offering, Koujalgi tells investors in a research note. The analyst is positive on the company’s product leadership, execution and large addressable market. MongoDB has been expanding its use cases, and is a popular general-purpose database used for a variety of applications by enterprises of all sizes, writes Koujalgi.