MongoDB (NASDAQ:MDB) stock is climbing higher on Wednesday after getting an upgrade from Morgan Stanley analysts.
That upgrade has the Morgan Stanley analysts increasing the rating for MDB stock from “equal weight” to “overweight.” For the record, the analysts’ consensus rating for MDB is “moderate buy” based on 24 opinions.
To go along with that upgrade, Morgan Stanley’s analysts increased their price target for MDB stock to $270 per share. Prior to that, it was $230 per share. That represents a potential 27.7% upside from the stock’s prior closing price. It’s also above the analysts’ consensus price target of $255.61 per share.
Why the Bullish MDB Stock Rating?
Here’s what the Morgan Stanley analysts said in a note to clients obtained by Investing.com:
“While we think the headwind from cloud digestion activity on growth over the next few quarters is relatively well understood by the market, encouraging is that companies who are currently optimizing or plan to optimize expect to see acceleration in 2024 (after seeing flat or slower growth in 2023) and plan to have a higher percentage of their applications reside in the public cloud post optimization than what they had planned for pre-optimization.”
Investors are reacting well to the upgrade with shares of MDB stock heading 9% higher as of Wednesday morning.
Traders looking for more of the most recent stock market news will want to continue reading!
There’s plenty more stock market news investors need to know about on Wednesday! A few examples include why shares of Innovative Eyewear (NASDAQ:LUCY), Bed Bath & Beyond (NASDAQ:BBBY), and Shopify (NYSE:SHOP) stock are on the move today. You can find out more on these matters below!
More Wednesday Stock Market News
- LUCY Stock Alert: Innovative Eyewear Files Patent for ChatGPT Glasses
- BBBY Stock: The $48.5 Million Reason Bed Bath & Beyond Is Rising Today
- SHOP Stock Price Prediction: Is Shopify Really Worth $65?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.