MongoDB (MDB) PT Raised to $325 at Goldman Sachs

Goldman Sachs analyst Kash Rangan raised the price target on MongoDB (NASDAQ: MDB) to $325.00 (from $270.00) while maintaining a Buy rating.

The analyst comments: "We reiterate our Buy rating and raise our Price Target to $325 on MongoDB following strong F2Q results that saw Revenue +6.8% above Consensus - with Atlas accelerating to +29% (vs. +26% in F1Q) – Op. Income +51% above and FCFM outperform +1200 bps vs. Consensus. Results and guidance were strong across the board and that's reflected in the AH price action (+30%) – consecutive quarters of Atlas growth acceleration, healthier EA renewal activity, true-raise to FY26 Revenue guidance (+1.7% ex. 2Q beat), and raised FY OpM outlook. MongoDB is now pacing in-line with the upside view we laid out coming off of its F4Q25 results (-500 bps guide-down on FY26 growth expectations) which called for ~19% Subscription growth in FY26 on healthier Atlas consumption trends and better EA renewal momentum (revised guide implies +17-18%). There was a lot to like on the print – Atlas is now trending in the high-20’s at-scale – best-in-class for consumption peers – cost discipline is surfacing in the P&L (top priority for new CFO), multi-quarter inflection in Atlas new logo growth dampens Postgres competition narrative, and AI startups (8K+) are building on the platform (e.g. DevRev, Cursor). We believe that MongoDB’s push upmarket - complemented by a strong self-service motion – combined with its vertically integrated AI platform and unique architectural advantages (JSON, horizontal scalability) leaves the company well-positioned to sustain durable mid-20’s Atlas growth, all with a healthy leverage cycle ahead as Atlas cohort expansion yields higher incremental OpM’s."

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