UPDATE: Baird Starts MongoDB (MDB) at Outperform
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Baird analyst William Power initiates coverage on MongoDB (NASDAQ: MDB) with a Outperform rating and a price target of $360.00.
The analyst comments "MongoDB has established itself as the clear next-generation (NoSQL) general purpose database leader with $1 billion+ of annualized revenue, and its core Atlas (database-as-a-service) product growing 85% in FQ1. Ease of use, scalability and its developer-first model are all key differentiators. With a large TAM and leading market position, we believe the growing platform capabilities position it for strong growth for many years. We acknowledge valuation questions and potential recession risks, but recommend the stock for long-term growth investors, though more aggressive on pullbacks."
Shares of MongoDB closed at $310.86 yesterday.
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