MongoDB Target Raised to $325 as Customer Adds Jump 60%
Mizuho upgraded MongoDB to Outperform, raising its price target from $290 to $325, citing a record 10,700 net customer additions in fiscal 2026 with net revenue retention at 121%. The brokerage forecasts fiscal 2027 revenue of $3.07 billion, implying 25% growth, and expects margin expansion driven by a lean cost base.
1. Mizuho Upgrade and Price Target Increase
Mizuho upgraded MongoDB from Neutral to Outperform and raised its price target to $325, citing improving growth trends and sustained artificial intelligence workload demand.
2. Fiscal 2026 Growth Metrics
MongoDB added 10,700 net customers in fiscal 2026, up 60% year-over-year, while net revenue retention increased to 121% and revenue rose 23% despite headcount growing just 1%, reflecting tighter cost control.
3. Future Outlook and AI Demand
For fiscal 2027, Mizuho forecasts revenue of about $3.07 billion, implying 25% growth above consensus, and anticipates margin expansion. A revised sales strategy under CEO CJ Desai and broader platform offerings, including search and vector capabilities, are expected to deepen customer usage with AI demand driving increased database workloads.