MongoDB Inc: F1Q preview: Beating the bull bongos into results

研报英文原文证据摘录

MongoDB Inc: F1Q preview: Beating the bull bongos into results

Accessible version

MongoDB Inc

F1Q preview: Beating the bull bongos into

results

Reiterate Rating: BUY | PO: 375.00 USD | Price: 330.00 USD

Reporting results on Thursday May 28th after the close 19 May 2026

We think MongoDB (MDB) will deliver strong F1Q27 results as we haven’t detected any Equity

slowdown in demand. This is good for the best-of-breed database vendors with cloud

and on-premise offerings like MongoDB. This should lead to long-term durable total

Key Changesrevenue growth. We do not expect anything from the upcoming results to change our

bullish view on the stock. We lay out the three key points below. More data points are (US$) Previous Current

inside the report. Forecasts unchanged. Reiterate Buy. We raise our PO to $375 (from Price Obj. 350.00 375.00

$350) and multiple (now 8.9x EV/CY27E vs 8.3x prior) on higher execution confidence.

Koji Ikeda, CFA

Point 1: Atlas growth and upside potential is key ResearchBofAS Analyst

We believe one of the sticking points from the last quarter print was Atlas growth of +1 415 913 2106 koji.ikeda@bofa.com

+29% y/y in F4Q26 (+30% normalized for Atlas/EA bundle preferences), which is strong

George McGreehan

but a slight deceleration from the +30% delivered in F3Q26. Over the past three Research Analyst

quarters, Atlas has beaten the Street by 1.4% in F4Q26, 2.4% in F3Q26, and 4.8% in BofAS +1 415 913 4315

F2Q26. Using a three-quarter average of 2.9% implies F1Q27 Atlas revenue could be george.mcgreehan@bofa.com

$513mn or +30% growth, impressive in our view if achieved and could be a catalyst.

Point 2: Looking to learn about EA product enhancements Stock Data

Enterprise Advanced (EA), its on-premise license offering, has been a source of growth