MongoDB Price Target Raised To $160 From $135 At Stifel

Stifel analyst Brad Reback raised the firm's price target on MongoDB (MDB) to $160 from $135, and keeps a "Buy" rating on the shares. The stock closed Friday, April 17, up 21 cents to $154.19.

The analyst raised the target to reflect multiple expansions across the Enterprise Software group. As the current leading independent cross platform NoSQL offering, MongoDB should continue to gain share in the $50 billion-plus database market, as organizations of all sizes undertake their respective digital transformations, Reback tells investors in a research note.

The analyst continues to believe that MongoDB's general purpose document database and atlas are helping transition the company toward a "true cloud platform." This should drive "strong" double-digit recurring revenue growth and demonstrate improving profitability "for many years to come," contends Reback.

Disclosure: None.

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