Stock Track | MongoDB Soars 5.04% as AI Boom Drives Data Platform Demand, Analyst Raises Price Target

Stock Track08-28

MongoDB Inc. (MDB) shares are soaring 5.04% in pre-market trading on Thursday, riding the wave of enthusiasm for AI-driven data platforms. The surge comes as peer company Snowflake reported strong demand and raised its product revenue forecast, signaling a robust market for data infrastructure providers.

The artificial intelligence boom is fueling demand for advanced data platforms, positioning companies like MongoDB and Snowflake to benefit from the ongoing digital transformation across industries. As businesses race to modernize their data infrastructure and simplify AI adoption, these database providers are seeing accelerated growth.

Adding to the positive sentiment, Canaccord has raised its price target on MongoDB to $340 from $320, maintaining a Buy rating on the shares. This upgrade reflects growing confidence in MongoDB's potential to capitalize on the increasing demand for next-generation databases in the AI era. As companies invest heavily in data infrastructure to support AI initiatives, MongoDB's flexible and scalable database solutions are likely to see increased adoption.

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