Morgan Stanley upgraded MongoDB to Overweight from Equal Weight with a price target of $270, up from $230. The firm’s "AlphaWise Cloud Optimization Survey" indicates that 73% of respondents are actively engaged in cloud optimization initiatives. MongoDB has market leadership in the $45B operational database market, with multiple share gain opportunities along with a "pivot to profitability," the analyst tells investors in a research note. It believes the company’s fiscal 2024 expectations look appropriately reset and says headwinds from its cloud digestion should be largely complete heading into fiscal 2025.
Published first on TheFly
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