MongoDB price target raised to $360 from $336 at Argus

Argus raised the firm’s price target on MongoDB (MDB) to $360 from $336 and keeps a Buy rating on the shares following its Q3 results. The company continues to benefit from the critical role of its software in accelerating innovation and product cycles at client companies, not the least of which will be the probable explosion of generative artificial intelligence applications, the analyst tells investors in a research note. Argus adds that it sees MongoDB software as innovative, and also supports its management’s deliberate strategic decision to compress operating margins in FY25 by investing in its go-to-market opportunities and ramping its salesforce.