MongoDB Inc (NASDAQ:MDB) shares are trading higher Friday following bullish analyst coverage from UBS.
UBS analyst Karl Keirstead upgraded MongoDB from a Neutral rating to a Buy rating and raised the price target from $345 to $450.
Keirstead sees two positives for the stock that investors are yet to price in: MongoDB databases are increasingly being used in more complex situations often involving transactional consistency. The company also offers more features for its products than the competition, he said.
The UBS analyst believes MongoDB is a great way to play the increasingly popular trend of application modernization.
See Also: Expert Ratings For MongoDB
MDB 52-Week Range: $238.01 - $590
MongoDB shares were up 7.12% at $398.36 at time of publication.
Photo: David Martín from Flickr.
