Bank of America Raises MongoDB Revenue Forecasts to $4.39 Billion

Bank of America Securities reaffirmed a Buy rating and a $540 price target for MongoDB Inc., citing the company's potential for long-term growth in enterprise modernization and artificial intelligence. Following a meeting with company management, analysts identified the Atlas Infinite platform and document-based database technology as primary catalysts for AI workloads, particularly agentic AI.

Bank of America increased its revenue forecasts for MongoDB, projecting $3.65 billion for financial 2028 and $4.39 billion for financial 2029. The brokerage also raised projected non-GAAP operating margins to 21.9% and 22.9% for those respective years. These estimates align with internal MongoDB targets to achieve GAAP profitability by 2027 and maintain annual revenue growth exceeding 20%.

Despite the optimistic financial outlook, analysts noted near-term risks including a leadership transition and increasing competition from traditional database providers such as PostgreSQL.