Bracelin found MDB well-positioned for further share gains within the $78 billion+ database management systems market.
The combination of new product enhancements, including Atlas Serverless, Relational Migrator tool, and Queryable Encryption, and increasing developer appeal given MDB helped reduce cost while accelerating the production of new applications for customers suggests share gain momentum could accelerate in 2022.
MDB's customers included Boots UK, Forbes, Keller Williams, Travelers, Verizon, Vodafone, and Wells Fargo.
In the aftermath of a broad-based technology sell-off this year, MDB appears overlooked and underappreciated relative to the 3-5 year growth opportunity irrespective of the macro business cycle.
Bracelin reiterated an Overweight and price target of $430.
Price Action: MDB shares traded higher by 3.81% at $306.86 on the last check Wednesday.
Latest Ratings for MDB
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.