Canaccord Genuity analyst Kingsley Crane has maintained their bullish stance on MDB stock, giving a Buy rating on May 3.
Kingsley Crane has given his Buy rating due to a combination of factors including MongoDB’s established position as a general-purpose NoSQL database standard and the positive feedback from customers attending the MongoDB.local NYC event. The event showcased MongoDB’s ongoing product enhancements and integrations, particularly in areas aligning with artificial intelligence (AI), which suggests a strong product roadmap. Kingsley noted that MongoDB’s document model schema is a good fit for AI applications, which could drive further adoption and growth. Additionally, the company’s conservative yet surpassed guidance for FY24 and the potential for similar performance in FY25 provide a clear growth trajectory for investors to consider.
Furthermore, Crane contemplates the broader industry landscape, particularly the investment in AI and how MongoDB is positioned to benefit from it. Despite the uncertainty of immediate returns from AI, MongoDB is well-received among AI-native companies, which could lead to increased revenue as these companies grow. Crane also highlighted MongoDB’s low penetration rate within its target market, suggesting room for significant growth as NoSQL databases potentially gain a larger share of overall database spend. His observations from the MongoDB event and discussions with partners and developers reinforced the view that MongoDB’s platform is well-suited to support the development of AI-based applications, further cementing its place as a leader in the NoSQL database space.
According to TipRanks, Crane is a 4-star analyst with an average return of 8.3% and a 47.47% success rate. Crane covers the Technology sector, focusing on stocks such as Datadog, MongoDB, and Elastic.
In another report released on May 3, Piper Sandler also maintained a Buy rating on the stock with a $480.00 price target.
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MongoDB (MDB) Company Description:
MongoDB, Inc. engages in the development and provision of a general purpose database platform. Its products include MongoDB Enterprise Advanced, MongoDB Atlas, and Community Server. It also offers professional services including consulting and training. The company was founded by Eliot Horowitz, Dwight A. Merriman, Kevin P. Ryan, and Geir Magnusson Jr. in 2007 and is headquartered in New York, NY.
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