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Investing.com - Morgan Stanley has raised its price target on MongoDB (NASDAQ:MDB) to $325.00 from $255.00 while maintaining an Overweight rating on the database software company. According to InvestingPro data, analyst consensus remains strongly bullish with price targets ranging from $170 to $405, while the company’s market capitalization stands at $17.57 billion.
The price target increase follows MongoDB’s second-quarter results, which demonstrated accelerating customer base growth, accelerating cloud growth, and strong margin expansion.
Morgan Stanley noted that these positive trends led MongoDB to significantly raise its guidance for the second half of the year.
The investment bank highlighted that MongoDB’s fundamentals are improving even though artificial intelligence contributions have yet to materialize in the company’s results.
Morgan Stanley believes MongoDB’s multiyear growth outlook continues to improve, supporting the firm’s decision to maintain its Overweight rating on the stock.
In other recent news, MongoDB reported quarterly revenue of $591 million, marking a 24% year-over-year increase and surpassing consensus estimates by $37 million. This strong performance was largely attributed to a 29% year-over-year growth in its Atlas cloud database service. Following these results, several analyst firms have adjusted their price targets for MongoDB. Mizuho raised its price target to $250 while maintaining a Neutral rating. Needham increased its target to $325 and kept a Buy rating, highlighting MongoDB’s performance that exceeded expectations by 7%. DA Davidson also raised its price target to $325, maintaining a Buy rating, citing stronger-than-expected consumption growth. Stifel followed suit, increasing its target to $325, noting this as one of MongoDB’s strongest quarters ever. Wolfe Research set its price target at $350, maintaining an Outperform rating, and emphasized the company’s growth driven by enterprise workloads and regional strength.
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