Bernstein increased its price target on MongoDB Inc. to $484 from $449 while maintaining an Outperform rating, citing accelerating revenue growth and improving net revenue retention.
The adjustment follows MongoDB’s second-quarter results, which showed a 30% year-over-year revenue increase to $506.5 million, surpassing Rosenblatt’s estimate and consensus by about 5%. Atlas, the company’s core product, grew 29% year-over-year and now accounts for 73% of total revenue, with a run-rate exceeding $2 billion.
Analysts at multiple firms raised their targets in response. Rosenblatt set a $445 target with a Buy rating, Needham maintained its Buy rating with a $430 target, Canaccord raised its target to $480, Morgan Stanley lifted its target to $430, and Guggenheim kept its Buy rating with a $560 target. Bernstein also raised its valuation multiple to 10x from 9.5x.
MongoDB’s trailing twelve-month revenue growth stands at 23.6%, and the company raised its fiscal 2027 revenue guidance by $70 million at the high end, according to Needham. Canaccord highlighted MongoDB’s potential in AI-enabled application development, while Guggenheim pointed to stable growth in Atlas and momentum in AI. Morgan Stanley cited robust growth in both Atlas and Enterprise Advanced segments.
Despite the strong performance, MongoDB’s stock declined in after-hours trading following recent gains. InvestingPro’s ProPicks AI tool has identified past winners such as Super Micro Computer (+185%) and AppLovin (+157%) in its model portfolio, though InvestingPro’s financial health score for MongoDB is rated as GREAT while flagging potential overvaluation at current levels.
Bernstein noted that while volatility may arise when MongoDB provides fiscal 2028 guidance, the firm remains optimistic over a one-year horizon.
