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MongoDB Analysts See Upside Over Long-Term, Thanks To Fast-Growing Database Market

  • Morgan Stanley analyst Sanjit Singh downgraded MongoDB, Inc (NASDAQ: MDB) from Overweight to Equal-Weight and cut the price target from $368 to $215.

  • With a $68 billion addressable opportunity in the operational database market, a strong track record of market share gains, and a competent and experienced management team, MongoDB remains one of Singh’s favorite long-term growth stories in software.

  • However, as IT budgets tighten, the outlook for growth and margins has become decidedly less clear, in his view.

  • The decline in visibility, coupled with the lack of material profitability, leads him to downgrade shares.

  • Keybanc analyst Michael Turits initiated coverage on MongoDB with an Overweight rating and a price target of $215.

  • He saw stable long-term growth for document-based NoSQL vendor MongoDB in the fast-growing $15 billion non-relational DB market as applications modernize and move to the cloud, with relational database (RDB) replacement providing upside optionality.

  • While Mongo faces ongoing near-term macro headwinds to its 65% consumption business, he modeled FY24 below the Street to incorporate that risk.

  • He saw Mongo as a long-term secular leader within the substantial $80 billion DB market with non-relational growth driven by the shift to the cloud and the need for flexible data handling and horizontal scalability. He saw MDB as a compelling “look across the valley” stock.

  • With a solid appeal to developers, an established ecosystem, and a mature cloud offering (Atlas), Mongo has emerged as the dominant independent general-purpose NoSQL database and a multi-cloud alternative to hyper-scale cloud database services.

  • Price Action: MDB shares traded lower by 8.73% at $145.93 on the last check Monday.

Latest Ratings for MDB

Date

Firm

Action

From

To

Mar 2022

Needham

Maintains

Buy

Mar 2022

Mizuho

Maintains

Neutral

Mar 2022

Barclays

Maintains

Overweight

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