Canaccord Genuity analyst Kingsley Crane maintained a Buy rating on MongoDB (MDB – Research Report) yesterday and set a price target of $385.00.
Kingsley Crane has given his Buy rating due to a combination of factors surrounding MongoDB’s strategic acquisition of Voyage AI. This acquisition is set to enhance MongoDB’s platform by integrating advanced retrieval capabilities, which are crucial for building trustworthy AI applications. By addressing the issue of AI hallucinations, MongoDB aims to improve the accuracy of AI-driven solutions, particularly in critical sectors like healthcare, finance, and legal services.
Furthermore, the acquisition positions MongoDB as a competitive player in the AI market, especially against rivals like Snowflake and Databricks. The immediate access to Voyage AI’s proven technology accelerates MongoDB’s time-to-market for AI solutions, aligning with its broader strategy to capture a significant share of the growing AI application market. With a strong portfolio and enterprise momentum, MongoDB is poised to benefit from the evolving AI landscape, reinforcing its long-term growth potential and justifying the Buy rating with a price target of $385.
According to TipRanks, Crane is a 4-star analyst with an average return of 6.3% and a 51.16% success rate. Crane covers the Technology sector, focusing on stocks such as Dynatrace, Qualys, and CyberArk Software.
In another report released today, Barclays also maintained a Buy rating on the stock with a $330.00 price target.