MongoDB (MDB) PT Raised to $320 at Mizuho Securities Following MongoDB.live

Mizuho Securities analyst Matthew Broome raised the price target on MongoDB (NASDAQ: MDB) to $320.00 (from $300.00) while maintaining a Neutral rating following MongoDB.live.

The analyst commented, "Yesterday, we attended MDB's virtual user conference MongoDB.live and accompanying Investor Session. The co. announced several enhancements to its platform which should in aggregate help to drive higher usage over time, and improve its differentiation vs. competitors; as such, we are raising our PT to $320, vs. $300 previously. Feedback from panelists and partners speaking at the event also reinforced our view that MDB provides a best-in-class database-as-a-service that offers a differentiated focus on developers and the cloud. However, revenue deceleration has started to become a concern, and the co. faces strong competition, which may limit its profitability over the long-term. We reiterate our Neutral rating."

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