MongoDB price target raised to $405 from $340 at DA Davidson

DA Davidson raised the firm’s price target on MongoDB (MDB) to $405 from $340 and keeps a Buy rating on the shares. The company reported a “very strong” Q3 beat that was driven by stronger than expected Atlas consumption growth as well as strong EA – Enterprise Advanced – upside that included a multi-year license benefit, the analyst tells investors in a research note. MongoDB’s FY25 guidance was also raised “nicely”, and its Q4 guidance, while ahead of consensus, still “appears conservative”, the firm added.