Canaccord Genuity Assigns a Buy Rating on MongoDB Inc

By Ryan Adsit

In a report released today, Richard Davis from Canaccord Genuity assigned a Buy rating to MongoDB Inc (NASDAQ: MDB), with a price target of $35. The company’s shares opened today at $30.68.

Davis wrote:

“We believe it is more likely than not that over the next few years MongoDB will separate itself from several dozen next generation database vendors to the point that the firm will eventually scale well into the billions of dollars of revenues and 20%+ FCF margins. The fact that this firm will lose money for at least two more years means that the stock price path to that promise land is certain to be jagged. Even so, the fact that unlike our four most recent IPOs, MDB did not blow through any plausibly rational valuation level means that we can put a BUY rating on this stock right out of the box. We are initiating coverage with a BUY rating and $35 price target.”

According to TipRanks.com, Davis is a top 25 analyst with an average return of 32.4% and a 81.9% success rate. Davis covers the Technology sector, focusing on stocks such as Bottomline Technologies, Nuance Communications, and Ultimate Software.

MongoDB Inc has an analyst consensus of Moderate Buy, with a price target consensus of $35.

The company has a one-year high of $34 and a one-year low of $29.01. Currently, MongoDB Inc has an average volume of 1.21M.

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MongoDB, Inc. engages in the development and provision of an open-source, document database. Its products include MongoDB Enterprise Advanced, MongoDB Professional, Development Support, Ops and Cloud Manager. Its services include consulting and training. The company was founded by Eliot Horowitz, Dwight A. Merriman, Kevin P.