MongoDB (MDB) PT Raised to $271 at Cantor Fitzgerald

Cantor Fitzgerald analyst Thomas Blakey raised the price target on MongoDB (NASDAQ: MDB) to $271.00 (from $252.00) while maintaining a Overweight rating.

The analyst commented, “MDB posted an impressive start to its fiscal year, outperforming across all metrics, driven by accelerating Atlas growth, a strong six-point beat on EBIT, and added an additional $800M to its buyback ($1B total now with buybacks planned to commence in F2Q26). Despite weak consumption trends in April, on a days-adjusted basis, Atlas re-accelerated to 27% y/y growth and added a record-breaking 2,700 customers q/q. Management stated consumption trends that softened in April rebounded in May. Net expansion rate ticked up a point q/q to 119% and cRPO accelerated to +37% y/y. We believe MongoDB and its industry-leading NoSQL database, alongside the addition of VoyageAI technology (embedding and reranking to enhance positioning in AI market), should continue to benefit from data and application modernization, supporting upside to revenue estimates over the NTM, while showing leverage with the new CFO at the helm. As such, we reiterate our OW rating and increase our PT to $271, implying 8x C26E EV/Revs (in-line with one-year NTM median and avg.).”

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