TLDR
- MongoDB stock rose 2% after Evercore ISI initiated coverage with an Outperform rating and a $525 price target.
- Evercore’s Kirk Materne cited Atlas, MongoDB’s cloud platform, as the primary growth driver, now making up ~75% of revenue.
- BMO Capital raised its price target from $375 to $500; Truist raised theirs from $400 to $475.
- MongoDB reports Q2 fiscal 2027 earnings on September 1, with analysts expecting revenue of $735.11 million, up 24% year-over-year.
- Wall Street holds a Strong Buy consensus on MDB, with 26 Buys and 3 Holds from 29 analysts.
MongoDB (MDB) stock climbed 2% on Friday after Evercore ISI initiated coverage with an Outperform rating and a price target of $525, implying around 22% upside from current levels.
Evercore ISI analyst Kirk Materne pointed to developer adoption and the Atlas cloud platform as the two main reasons for his bullish stance.
Atlas now accounts for roughly 75% of MongoDB’s total revenue. Materne highlighted its growing role in production AI workloads as a key factor behind the initiation.
The new coverage came the same day Truist analyst Miller Jump reaffirmed his Buy rating on MDB and raised his price target from $400 to $475. Jump noted that software companies need to show real AI-driven business results to move their stock prices.
A day earlier, BMO Capital analyst Keith Bachman also reaffirmed his Buy rating and lifted his price target from $375 to $500.
Bachman pointed out that businesses continue to favour MongoDB’s platform for workloads where data is unstructured, changes frequently, or is stored in JSON layers. He also noted that MongoDB becomes more relevant as workload complexity increases.
What the Numbers Say
In Q1 fiscal 2027, MongoDB posted 25% year-over-year revenue growth. Atlas grew even faster at 29.4%.
Net revenue retention came in at 121%, and the company added roughly 2,500 new customers during the quarter. Both numbers suggest existing customers are spending more over time.
Despite the analyst enthusiasm, MDB stock is up only about 1% year-to-date. That gap between analyst optimism and stock performance is worth keeping in mind.
What to Watch Before September 1
MongoDB is set to report Q2 fiscal 2027 earnings on September 1 after market close.
Wall Street expects revenue of $735.11 million, up 24% from $591.11 million in the same period last year. Adjusted EPS is forecast at $1.61, up 61% from $1.00 a year ago.
MongoDB has a track record of beating EPS estimates, which may be part of why analysts are raising targets ahead of the print.
Across Wall Street, the consensus rating on MDB is Strong Buy, made up of 26 Buys and 3 Holds from 29 analysts over the past three months.
The average price target sits at $450, which implies just 5% upside at current levels, even with individual targets stretching as high as $525.
The Q1 report showed Atlas growth of 29.4% year-over-year, and analysts will be watching closely to see if that pace holds in Q2.
MongoDB’s flexible data model has kept it relevant in enterprise settings, particularly where data does not fit neatly into fixed table structures, such as digital profiles, product listings, and documents.
Bachman’s industry checks suggest MongoDB’s platform stands to benefit further as enterprise workloads grow in complexity.
All eyes now turn to the September 1 earnings report.
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