MDB - MongoDB slips even as analysts praise announcements made at investor day

2023-06-23 08:19:35 ET

MongoDB ( NASDAQ: MDB ) shares slipped fractionally in pre-market trading on Friday even as several Wall Street analysts praised the announcements that the company made at its developer conference.

Stifel analyst Brad Reback said the announcements, many of which were focused on artificial intelligence, were "very well received" by customers and partners. Reback added that the pace of new product introductions seems to be accelerating, allowing MongoDB ( MDB ) to maintain its top spot for developer data platforms.

Reback boosted his per-share price target to $420 from $375 and noted the firm's confidence for MongoDB ( MDB ) to "sustain well above industry growth rates" was reinforced.

RBC Capital analyst Rishi Jaluria was also impressed, as he reiterated his outperform rating after the conference. Jaluria said that MongoDB ( MDB ) is continuing to add more customer workloads and looks to have "strong positioning" to be a long-term beneficiary of the platform shift to focus on generative AI.

Jaluria also raised his per-share price target to $445 from $400.

Goldman Sachs analyst Kash Rangan increased his per-share price target to $440 from $420, noting the firm left the event "increasingly constructive" on MongoDB's ability to add new customers and workloads and help it generate more than $6B in revenue over the long-term.

More on MongoDB

• MongoDB rises as it unveils Google Cloud deal, several new Atlas products, features
• MongoDB, Inc. Q1 2024 Earnings Call Transcript
• MongoDB Earnings: Pulls Forward Profitability By 12 Months

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