MongoDB (MDB) PT Raised to $550 at Stifel
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Stifel analyst Brad Reback raised the price target on MongoDB (NASDAQ: MDB) to $550.00 (from $495.00) while maintaining a Buy rating following results.
The analyst commented, "Mongo beat across all metrics, as Atlas reached >$500M revenue run rate, with the 84% Y/Y growth accelerating sequentially for the fourth consecutive quarter. We note the strong Atlas results were driven by existing customer expansion rates far above recent rates and meaningfully ahead of management's expectations. Additionally, management highlighted several early, very large, Atlas renewals that drove a dramatic uptick in quarterly billings. While the Atlas growth rate may moderate somewhat during 4Q, we view management's guidance as somewhat conservative (~$10M Q/Q vs $20M in 3Q) based on the strong Atlas usage trends and growing large-scale customer commits to the platform.
Overall, we continue to view Atlas as an open-ended growth opportunity, driven by new customer additions and ARPU gains as developers turn to the company's modern, general-purpose platform to support their future app development needs. Based on the quarter's out performance we are raising our TP to $550."
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