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Investing.com - Truist Securities has reiterated its Buy rating on MongoDB (NASDAQ:MDB) stock, maintaining its price target of $400.00 ahead of the company’s December 1 earnings report.
The firm’s analysis follows MongoDB ’s acceleration in year-over-year Atlas growth rate during the first two quarters of the year. Atlas is MongoDB’s cloud database service that has become increasingly important to the company’s overall revenue growth.
Truist Securities conducted in-depth conversations with MongoDB customers collectively representing approximately $10 million in annual spending to understand consumption drivers. These discussions centered on MongoDB’s role in AI applications, relational database migration, and usage compared to PostgreSQL.
The research firm concluded that MongoDB is currently benefiting from increased AI investment, which is serving as a tailwind for the company’s business. This assessment comes from customer feedback regarding their implementation of MongoDB in various use cases.
Truist Securities expects MongoDB to exceed consensus estimates when it reports its quarterly earnings on December 1, based on the positive customer feedback and ongoing acceleration in Atlas growth.
In other recent news, MongoDB has announced a leadership transition, with CEO Dev Ittycheria set to retire from his full-time role on November 10. Chirantan "CJ" Desai has been named as the new President and CEO, succeeding Ittycheria. This transition is part of the company’s succession planning process. Several analyst firms have responded to this development by adjusting their price targets for MongoDB. DA Davidson and BMO Capital have both raised their price targets to $415, maintaining a Buy and Outperform rating, respectively. RBC Capital also increased its price target to $405 while keeping an Outperform rating. MongoDB is scheduled to release its third-quarter fiscal 2026 earnings report on December 1, with an earnings call planned for later that day. Additionally, CJ Desai has joined Cribl’s board of directors, bringing his operational and product leadership experience to the data management platform’s governance.
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