MongoDB (MDB) PT Raised to $435 at Stifel After Solid Q1 Print

Stifel analyst Brad Reback raised the price target on MongoDB (NASDAQ: MDB) to $435.00 (from $330.00) while maintaining a Buy rating.

The analyst commented, "MongoDB posted a solid 1Q print as 29% Atlas growth was ~3% above expectations as consumption trends accelerated Q/Q and were above management's forecasts driven by strong usage among core workloads, accelerating Frontier Model Lab consumption and growing AI Native applications. Additionally, EA/Other delivered another strong quarter, up 13% YoY, on sustained robust Enterprise demand. NRR increased to 121% and new customer additions remain strong at +2,500 YoY.Backlog remains robust (cRPO up ~70% YoY, inline with last quarter) and management continues to deliver operational efficiencies as op-margins expanded ~200 bps YoY (150 bps above forecasts).Looking forward, management raised guidance by more than the beat and indicated 2Q Atlas growth should be ~26% which given the strong 1Q consumption trends should be supportive of at least ~3% upside.Given healthy diversified Atlas consumption, strong customer acquisition, improving sales execution, and the accelerating AI opportunity, MongoDB is a top pick."

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