MongoDB price target raised to $400 from $320 at Truist

Truist analyst Miller Jump raised the firm’s price target on MongoDB (MDB) to $400 from $320 and keeps a Buy rating on the shares. The firm cites the company’s Q3 earnings and revenue beat, with the bulk of the upside relative to its expectations driven by the EA – Enterprise Advanced – business that continues to demonstrate durable growth year after year – even against an increasingly “difficult” comp vs. last quarter. MongoDB also set a record for net new $100K customers in the quarter, which underscores their continued execution in becoming a standard in their customers’ IT stacks, the analyst tells investors in a research note.