BMO Capital pointed to MongoDB’s $42 million sequential growth in Atlas revenue, well ahead of its $19 million estimate, as a key driver of its optimism.
MongoDB Inc.(MDB) received a round of price target hikes from multiple Wall Street firms following a strong second-quarter (Q2) performance that beat expectations and highlighted promising momentum in artificial intelligence and cloud workloads.
The company reported Q2 adjusted earnings per share (EPS) of $1 and revenue of $591.4 million, both exceeding the analysts’ consensus estimate of $0.66 and $553.23 million, respectively, as per FiscalAI data.
MongoDB stock traded over 35% higher on Wednesday afternoon. On Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory while message volume shifted to ‘extremely high’ from ‘high’ levels over the past day.
The stock saw a 6040% explosion in user message count in the last 24 hours, as of Wednesday morning.
Post-earnings, BMO Capital raised its price target for the company’s stock to $315 from $280, maintaining an ‘Outperform’ rating, as per TheFly. The firm pointed to MongoDB’s $42 million sequential growth in Atlas revenue, well ahead of its $19 million estimate, as a key driver of its optimism.
The firm noted that the upcoming investor day in September could further strengthen investor confidence in the sustainability of Atlas’s growth and ease competitive concerns around its extensive market potential.
Truist also increased its price target on Wednesday, boosting it to $330 from $275 while reiterating its ‘Buy’ rating. The firm praised MongoDB’s “exceptional” Q2 results, noting widespread outperformance relative to its forecasts.
It added that management commentary during the earnings call suggested momentum in core operations, alongside early but promising traction with AI-focused customers.
Meanwhile, Scotiabank raised its price target to $280 from $230, while maintaining a ‘Sector Perform’ rating. The firm described the quarter as a “standout,” citing the upward revision of MongoDB’s full-year fiscal 2026 revenue guidance.
MongoDB stock has gained over 24% in 2025 and over 21% in the last 12 months.
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