MongoDB World Reveals Latest Market-Expanding, Broad-Based Features; We Document the Stock as a Buy

On June 7, MongoDB kicked off its MongoDB World conference, boasting the latest of its database platform's capabilities. The day's agenda has left us even more confident in our $344 fair value estimate for this no-moat name that helps simplify enterprises' database needs through easy-to-use and broad-based database capabilities. We believe the market is undervaluing the impressive software company in two ways—first, by undervaluing the size of its overall database management market, and second, by applying an undue discount for macroeconomic uncertainty, which we believe will have relatively little effect on the mission-critical data use cases to which MongoDB's document database pertains.