Bank of America identifies MongoDB (MDB) as a frontrunner to recover from the recent SaaSpocalypse sector downturn. The firm maintained its Buy rating and a $500 price target for the stock. MongoDB is scheduled to report fiscal fourth-quarter results on March 2.
The bank highlighted the growth of the Atlas cloud database service. Atlas recorded a 30% year-over-year revenue increase during the third quarter.
Analysts view MongoDB’s JSON document database technology as a long-term beneficiary of new AI workloads and enterprise modernization. The firm also cited the management team’s ability to execute strategic enterprise sales.