Customer, partner checks upbeat on MongoDB, says JMP Securities

JMP Securities maintains an Outperform rating on MongoDB (MDB) with a price target of $400 after attending the MongoDB.local conference in New York last week, the first of 27 such events, which included an Analyst Day – and after the stock has increased a whopping 98% year to date versus 13% for the S&P 500. Among the key takeaways from the event, JMP highlights MongoDB making two new product announcements during the CEO keynote — Atlas Vector Search and Atlas Stream Processing, the latter of which has led to investor questions on potential competition with Confluent (CFLT), and upbeat checks from both customers and partners. Overall, the firm continues to like MongoDB for long-term capital appreciation.