MongoDB Stock Gains New Bullish Price Target – Here’s Why

MongoDB stock (NASDAQ: MDB) could be set for a new rally if a new Overweight rating from Wells Fargo is close to being right, signaling a potentially lucrative period for the database platform. The bullish initiation of coverage is supported by MongoDB's strategic positioning within the rapidly expanding artificial intelligence (AI) landscape and its advancements in agentic coding.

MDB currently sits at $311.19 into the pre-market, showing a small increase of 0.26%, after a 2.09% drop in Tuesday's session. The stock has however delivered a 26.88% gain year-to-date, indicating strong overall performance.

Wells Fargo analyst Ryan MacWilliams initiated coverage with an Overweight rating and a price target of $430. This projection is based on the increasing adoption of MongoDB's document-based database architecture by AI-native companies and enterprises building AI products. MacWilliams views MongoDB as a direct beneficiary of the accelerating efficiency gains in agentic coding, a methodology where AI agents autonomously perform coding tasks.

MongoDB has strategically integrated AI into its offerings through various initiatives. In August 2025, the company unveiled product innovations and expanded its partner ecosystem to facilitate the development of accurate and reliable AI applications at scale, including the introduction of Voyage AI models. Furthermore, MongoDB has enhanced its AI ecosystem by expanding capabilities in AI frameworks, agentic evaluation, and agentic workflow orchestration. Approximately 8,000 startups have selected MongoDB to support their AI projects, demonstrating the platform's growing influence in the AI domain.

The collaboration with Google Cloud to optimize Gemini Code Assist for developers building applications on MongoDB further strengthens the company's AI capabilities. This AI-powered coding assistant accelerates application development and modernization by providing enhanced code suggestions and seamless integration with MongoDB's developer data platform.

MongoDB has also introduced the MongoDB Model Context Protocol (MCP) Server to standardize connections between MongoDB deployments and popular tools like GitHub Copilot, streamlining AI-powered application development and enhancing developer productivity. The company's Application Modernization Platform (AMP) leverages AI to transform legacy applications into modern, scalable services, accelerating code transformation and overall modernization projects.

The company's financial performance has been robust, with Q2 2026 revenue reaching $591.4 million, a 24% year-over-year increase. MongoDB Atlas contributed 74% of total revenue. Gross margins improved to 71% (GAAP) and 74% (non-GAAP), driven by AI-related cost efficiencies and higher-value SaaS offerings. Free cash flow surged to $69.9 million, a significant turnaround from the $4.0 million negative figure in the prior year.

The analyst's bullish outlook reflects MongoDB's proactive embrace of AI and agentic coding, which have translated into strong financial results and positive market sentiment. MongoDB's strategic initiatives have positioned the company as a key player in the evolving landscape of AI-driven software development. The Wells Fargo price target suggests significant upside potential, contingent on continued execution of its AI-focused strategy.