Trump, EU’s von der Leyen to meet on Sunday to clinch trade deal
On Wednesday, Canaccord Genuity (TSX:CF) maintained a Buy rating on shares of MongoDB (NASDAQ: NASDAQ:MDB) and increased the stock's price target to $385 from $325. The firm's analyst highlighted MongoDB's promising position in the artificial intelligence (AI) value chain, as the industry progresses with more AI applications moving into production and value shifting towards applications from the silicon layer.
The company is recognized for its broad portfolio strategy, consistent enterprise momentum, and growing alignment with the emerging needs of AI, which are expected to bolster its long-term growth potential.
The analyst noted that while consumption trends have remained consistent with previous quarters, MongoDB's investments in expanding enterprise channel coverage, AI-driven modernization capabilities, and developer enablement are seen as strategic moves to capture a larger market share in one of the largest markets in software.
Canaccord Genuity's revised price target is based on an approximately 11 times enterprise value-to-revenue (EV/R) multiple on their updated calendar year 2026 revenue estimate of $2.8 billion.
The firm reiterates its confidence in MongoDB, considering it a generational asset with significant long-term value. The updated price target reflects the firm's positive outlook on the company's potential to grow within the software industry, particularly in the AI segment.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
Is MDB truely undervalued?
With MDB making headlines, investors are asking: Is it truly valued fairly? InvestingPro's advanced AI algorithms have analyzed MDB alongside thousands of other stocks to uncover hidden gems with massive upside. And guess what? MDB wasn't at the top of the list.
Unlock ProPicks AI