MongoDB price target raised to $350 from $295 at Scotiabank

Scotiabank raised the firm’s price target on MongoDB (MDB) to $350 from $295 and keeps a Sector Perform rating on the shares. The firm reiterated the rating of the stock after a strong Q3 beat on both top and bottom-line estimates, the analyst tells investors. The outperformance was driven by multi-year deals in Enterprise Advance, which is not expected to re-occur, the firm adds. Scotiabank recommends investors to take a wait and see approach until the firm is more comfortable from its deep-dive CIO checks around the timing of potential AI benefits and competition trends in the database.