Mizuho upgraded MongoDB (MDB) to Outperform from Neutral on Monday. The investment firm concurrently raised its price target to $325 from $290.
MongoDB reported a 60% year-over-year increase in net customer additions for fiscal 2026. Net revenue retention improved to 121% during the same period. Mizuho projects fiscal 2027 revenue will exceed current market consensus.
The bank highlighted a restructured go-to-market strategy under the company's new CEO. Mizuho identifies artificial intelligence as a significant structural tailwind for the platform.
This upgrade follows a 38% year-to-date decline in MongoDB shares. Mizuho characterized the recent downturn as a favorable entry point for investors.