MongoDB (MDB) PT Raised to $80 at Stifel Following 2Q

Stifel analyst Brad Reback raised the price target on MongoDB (NASDAQ: MDB) to $80.00 (from $53.00) while maintaining a Buy rating following the company's 2Q earnings report. Results beat across the board with total revenue of $57.5M beating $51.8M estimates by over $4M. EPS of ($0.41) also beat in-line ($0.45) estimates.

Looking forward, Reback remains bullish around MongoDB's ability to capture a greater portion of a large TAM as both Atlas and the latest version of its enterprise platform continue to strengthen MongoDB's position as the leading NoSQL database offering for those enterprises looking to developed new solutions as well as re-platform their mission-critical solutions.

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