MongoDB price target raised to $415 from $335 at Needham

Needham analyst Mike Cikos raised the firm’s price target on MongoDB (MDB) to $415 from $335 and keeps a Buy rating on the shares. The company reported solid Q3 results, with the majority of revenue upside coming from better than expected multi-year upfront license contribution, the analyst tells investors in a research note. Investors should re-calibrate EA – Enterprise Advanced – expectations to the upside, as Needham sees the low-/mid-teens growth rate as “sustainable over the long-term”, particularly as organizations determine which On-Prem workloads are suitable for Cloud given budget constraints, the firm added.