The Point for North America

研报英文原文证据摘录

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The Point for North America

Tuesday, 11 August 2026

Morning Call Highlights | Company | Industry | Economics & Strategy | Fixed Income & FX | Key Rating

and Target Price Changes

Morning Call Highlights

Must Read

MongoDB Inc (MDB.O) - When Flexibility Drives Acceleration; Re-issuing +ve

Catalyst Watch

North America - Road Ahead 2H26

We are reissuing our positive catalyst watch on MongoDB as it continues to see

significant positive estimate revisions, and numerous positive catalysts ahead

(earnings, product + Citi conference, and investor day). We remain confident in our

street high Atlas estimates for Q2/FY27 of ~30% Y/Y growth and raise our total

revenue estimates on stronger EA trends. Our intra-Q field work suggests broadbased momentum. Top-of-funnel trends appear to be further improving with

download activity meaningfully accelerating in Q2. AI native/lab momentum

continues to build with new logos and expanding use cases. In the note we also

explore the agentic memory opportunity, which along with hyperscale portability

and flexible schema only increase MDB’s strategic positioning. We raise our

estimates and lift TP to $545(11x F28 EV/Sales). We reiterate our Buy/HR rating.

Tyler Radke | Yitchuin Wong

Quarterly Trend into F2Q27 Set-Up

The Agent Memory Layer

Current Quarter

$ in millions, except per share

Q- 4

Q- 3

Q- 2

Q- 1

Citi

Cons.

Guidance

Subscription Revenue

%YoY Subscription

% beat/(miss) v. Cons.

%YoY Growth acceleration

2QA

572.4

23%

7.0%

2%

3QA

609.1

19%

6.1%

(4%)

4QA

673.1

27%

3.6%

8%

1QA

666.1

25%

3.6%

(1%)

2QE

725.9

27%

2QE

712.0

24%

1%

(1%)

Atlas Revenue

%YoY Atlas

% beat/(miss) v. Cons.

%YoY Growth acceleration

439.0

29%

5.0%

3%

470.4

30%

3.2%

0%

502.6

29%

1.5%

(1%)

512.5

29%

2.7%

0%

568.5

30%

553.6

26%

0%

(3%)

Enterprise Advanced

%YoY EA

120.2

8%

121.8

(5%)

141.4

16%

139.9

20%

145.8

21%

144.8

20%

Total Revenue

%YoY Total Revenue

%YoY Growth acceleration

591.4

24%

2%

628.3

19%

(5%)

695.1

27%

8%

687.6

25%

(2%)

748.4

27%

1%

735.2

24%

(1%)

729 - 734

23% - 24%

EBIT

% EBIT margin

86.8

15%

123.1

20%

158.8

23%

123.2

18%

158.9

21%

155.5

21%

152 - 156

20.9% - 21.3%

Net income

% Net margin

87.2

15%

114.5

18%

142.7

21%

112.3

16%

144.0

19%

138.9

…