MongoDB (MDB) PT Raised to $97 at Needham & Company

Needham & Company analyst Jack Andrews raised the price target on MongoDB (NASDAQ: MDB) to $97.00 (from $91.00) while maintaining a Buy rating.

Andrews commented, "This week we attended MongoDB's annual local developer conference in San Francisco (~800 developers in attendance) and held a subsequent call with management. The key takeaway from our discussions is that we believe MDB's product roadmap has a multi-year feature advantage in meeting the requirements of modern applications over most competitors; in this regard, recent advancements (i.e. global sharding, charts, and mobile) extend MDB's functionality as a universal database that emphasizes developer productivity, business outcomes, and multiple clouds. Moreover, we believe future capabilities announced at the event, like querying across clouds, and current ones, like Stitch, extend MDB's modern database advantage even further. Thus, we are raising our estimates and our PT to $97."

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