MongoDB (MDB) PT Raised to $545 at Goldman Sachs
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Goldman Sachs analyst Kash Rangan raised the price target on MongoDB (NASDAQ: MDB) to $545.00 (from $475.00) while maintaining a Buy rating following strong results.
The analyst commented, "Following strong 3Q results from SNOW and DDOG, we continue to see broad based cloud momentum across infrastructure software, including database where we believe on-prem migrations remain in relatively early stages. Atlas grew 84% yoy (vs 83% in 2Q) surpassing a $500mn run rate, highlighting strength in the company’s consumption based model by enabling frictionless adoption and expansion within 31k+ customer installed base. We believe MongoDB’s strong developer mindshare and broad database platform continue to resonate in the marketplace, particularly as enterprises look to consolidate developer tools and drive increased productivity. To that end, we continue to see momentum within large enterprise customers reflected in the company’s $43mn (+17%) DR outperformance driven by early renewals for a number of Atlas’s largest customers. With Atlas now at 58% of revenue, we see a long runway ahead for sustained momentum, with potential for FY23 consensus growth estimates of 31% yoy to move higher (vs 35% GSe)."
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