Citi ups MongoDB target, adds to U.S. Focus List

Citi raised the firm’s price target on MongoDB (MDB) to $430 from $400 and keeps a Buy rating on the shares. The firm also added the shares to its U.S. Focus List. The company’s Q3 saw the largest beat of the year with an acceleration in growth, and there is an “opportunistic buying opportunity” after the shares saw a 30% cumulative reversal from after-market highs, the analyst tells investors in a research note. Citi likes MongoDB’s “positive fundamentals, attractive relative valuation and growth profile into 2025 with accelerating growth potential” on mechanical factors and go-to-market potential.