Wall Street analysts have weighed in positively on MongoDB's (NASDAQ:MDB) investor event that took place yesterday in New York.
Analysts at Mizuho and Stifel, among others, hiked the price target on the stock after the company unexpectedly announced a new Stream Processing offering.
“We view this as an intriguing new opportunity for the co., although it is clearly very early and remains to be seen whether MDB can meaningfully broaden its value proposition beyond databases,” wrote Mizuho analysts, who hiked the price target to $240 per share on Neutral-rated stock.
Stifel analysts are more bullish as they reiterated a Buy rating on the stock and raised the target to $420 per share.
“New announcements were very well-received by the customers and partners we spoke with during the day. Overall, with the pace of new product introductions accelerating Mongo continues to solidify its leadership position among developer data platforms,” they said in a client note.
“Net/net, the day served to reinforce our confidence in the company's ability to sustain well above industry growth rates on its way to ~$5B of ARR (25%+ annual growth) over the next 5+ years as Mongo effectively gains new workloads (existing/future customers), benefits from an accelerating pace of AI-driven application development and sees ARPU gains as customers consume recently released/future product offerings.”
MongoDB shares closed over 4% higher yesterday.