UPDATE: Redburn Starts MongoDB (MDB) at Sell

June 29, 2022 3:35 AM EDT
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Price: $188.31 -5.47%

Rating Summary:
    21 Buy, 8 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 8 | Down: 9 | New: 24
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(Updated - June 29, 2022 6:01 AM EDT)

Redburn analyst Neil Steer initiates coverage on MongoDB (NASDAQ: MDB) with a Sell rating and a price target of $190.00.

The analyst comments "MongoDB’s leadership in the market for document databases is undisputed. However, we see limited upside to expand beyond this core strength. We expect growth in the database market to slow down and see no upside for MongoDB to expand its share in the attractive nonrelational segment. We see other technologies/companies better positioned to take market share. The strong Q1 results likely removed the short-term risks, but the majority of MongoDB’s value relies on its medium- to long-term prospects, for which we are cautious. We initiate coverage with a Sell rating and a $190 price target."

For an analyst ratings summary and ratings history on MongoDB click here. For more ratings news on MongoDB click here.

Shares of MongoDB closed at $278.35 yesterday.

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