MongoDB Gets Upgrade from UBS, Stock Gains 7%

By Sam Boughedda

Investing.com -- Database management company MongoDB (NASDAQ:MDB) traded 6.9% higher Thursday after UBS analyst Karl Keirstead upgraded the stock to buy from neutral, and raised its price target to $450 from $345.

In a note, Keirstead said that they always heard "MongoDB was great for niche, specialized and less-complex use cases," but following checks with 12 MongoDB customers and partners "the tone shifted, with several customers citing their use of MongoDB for more complex use cases."

They added that it also sounded like "MongoDB was further separating itself from the long list of 'next-gen' database providers, including 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.

While UBS is modeling a slow down in revenue growth, they believe "the pace of any deceleration may prove to be slower than most investors think."

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