MongoDB Stock Falls Despite Analyst Upgrade

Shares of MongoDB (NASDAQ: MDB) fell by as much as 6% on Friday despite getting an upgrade from Wall Street. Tech stocks have been weak today due to rising interest rates (again). As of 2:50 p.m. EST, the stock was still down 4%.

Argus upgraded its rating on MongoDB from hold to buy while assigning a price target of $406, which represents 24% upside from yesterday's closing price. Analyst Joseph Bonner believes that the company can become a disruptive force in the massive market for enterprise database software. MongoDB continues to sacrifice near-term profitability to invest in future growth in order to capture market share, but Bonner believes this is the right strategy to utilize.

Image source: MongoDB.

Source Fool.com