RBC Capital on MongoDB (MDB): 'Shares Offer a Compelling Risk/Reward'

RBC Capital analyst Rishi Jaluria reiterated an Outperform rating and $400.00 price target on MongoDB (NASDAQ: MDB).

The analyst commented: "We maintain our Outperform rating and $400 price target. In short, we think current investor fears surrounding Postgres competitive pressures are overblown and shares offer a compelling risk/reward.

A key investor debate that remains weighing on shares is whether PostgreSQL is impeding on NoSQL/ MongoDB’s position. First, based on our industry checks, we believe the bear case is overblown. Supporting our views, we recently attended a Postgres user conference (see our note here) and spoken to several private companies, developers, and technologists. We believe Postgres has seen a resurgence in demand in developer activity in large part due to extensions and toolings that make it easier to use Postgres, without having to work directly with the Postgres source code and Postgres community. In addition, most of the Postgres usage seems to be modernizing existing MySQL and Oracle applications, rather than coming at the expense of MongoDB. • As detailed on the following pages, we collaborated with RBC Elements™, our in-house data science team, to track various alternative data sources, including GitHub code repos and job postings, in an attempt to gauge underlying usage of both technologies. We believe the alternative data supports our view that both Postgres and MongoDB continue to do well."

For an analyst ratings summary and ratings history on MongoDB click here. For more ratings news on MongoDB click here.

Shares of MongoDB closed at $298.51 yesterday.

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