William Blair analyst Jason Ader initiated coverage of MongoDB with an Outperform saying he expects the company to post "strong" top-line growth for the next several years.
After having seen little innovation since the 1970s, the $30B operational database market has been upended by a bevy of new vendors and technologies, led by MongoDB, Ader tells investors in a research note partially titled "Developer-Friendly Database Still Scratching the Surface."
The analyst adds that while valuation looks rich today at an enterprise value of 15.7 times projected calendar 2020 revenue, he sees a "multiyear runway for growth, especially as MongoDB pushes into the larger relational database segment."
The stock closed yesterday down 14c to $154.50.
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