UPDATE: MongoDB (MDB) PT Raised to $480 at Morgan Stanley as Nosebleed Growth Levels Sustain
Morgan Stanley analyst Sanjit Singh raised the price target on MongoDB (NASDAQ: MDB) to $480.00 (from $410.00) after the company reported accelerations in total revenue growth to 44% and in Atlas growth to 83% underscoring the company's \status as the leading cross platform database in the market.
The analyst maintained an Overweight rating, stating "After sustaining a +52% total revenue CAGR and a +189% cloud revenue CAGR from CY17-CY20 and with actual CY20 revenue results coming in a full 70% higher than our original IPO model, it is clear to us that MongoDB is one of the most proven and tested business models in software among companies with less than $1 billion in revenue. 2Q22 results did not disappoint either with total revenue coming in 9% ahead of consensus and accelerating to +44% YoY while Atlas growth accelerated for the third quarter in a row to +83% YoY."