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MongoDB Gets Upgrade from UBS, Stock Gains 7% -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Company that manages databases MongoDB (NASDAQ:) Traded 6.9% higher on Thursday, after UBS analyst Karl Keirstead elevated the stock from neutral to purchase and increased its price target from $345 to $450.

Keirstead stated in a memo that MongoDB had always been regarded as a great choice for niche and specialized use cases. However, after speaking with MongoDB customers to see if they were correct, several MongoDB customers began to mention MongoDB being used for more complicated use cases.

It also seemed like MongoDB was further distinguishing itself from the many ‘next-gen database providers’, such as AWS.

“MongoDB is benefiting directly from the mega-trend to build new applications using a micro-services architecture, solidifying our view that MongoDB is a play on the apps modernization mega-trend,” stated the analyst.

UBS predicts a slowdown in revenue growth. However, UBS believes that any acceleration may be more gradual than investors expect.

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