Needham & Company Assumes MongoDB (MDB) at Buy
Needham & Company analyst Mike Cikos assumes coverage on MongoDB (NASDAQ: MDB) with a Buy rating and a price target of $362.00 (from $626.00).
The analyst commented, "MongoDB closed FY22 with a strong print, where Atlas growth accelerated to 85% yr-yr and represented 58% of Total Sales. We believe strength in Atlas and the broader business reflects (1) innovations in the platform pulling MDB into higher-grade, mission-critical applications; (2) investments in Sales & Marketing like growth with hyperscale cloud vendors (where sourced deals climbed 80%-plus); and (3) the large TAM MongoDB is executing against, where growth constraints are dictated by how quickly the company can add operational capacity. Importantly, MongoDB is not seeing a slowdown in customer usage during 1QF23 - demonstrating the critical nature of its database and delivering upside versus other usage-based models which have seen headwinds to their models. We update our Price Target to $362 (from $626) with the transfer of coverage."
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Shares of MongoDB closed at $281.74 yesterday.