MongoDB Q2业绩超预期并上调全年指引，但Atlas增速29%未达买方更高预期，盘前跌逾12%

MongoDB ( MDB ) delivered a second-quarter earnings report that topped expectations and increased its full-year guidance due mainly to sustained 29% growth from its Atlas platform. However, shares dropped 12% during Wednesday morning trading as investors apparently wanted even stronger growth from Atlas, according to analysts. "The primary nitpick was Atlas, which grew 29% y/y for a fifth consecutive quarter and modestly trailed elevated buyside expectations (per our investor discussion)," according to Citi analysts in a Wednesday investor note. "Still, Atlas added a record ~$53M of net new quarterly revenue, up ~25% y/y, with strength in large enterprise and new AI lab wins/expansions, and was the primary factor in the guidance raise. EA+Other growth of 36% growth (and sustained 11% ARR growth) showed durable demand for hybrid and self-managed deployments. Overall, we walk away seeing clear evidence that leading indicators and growth rates are improving, especially with FY27 guidance raise mostly from Atlas." Citi maintained its Buy rating and nudged its price target up to $565 from $545. Meanwhile, Morgan Stanley retained its Overweight rating and increased its target price to $430 from $380. "The focus KPI, Atlas, saw its FY27 outlook also raised to ~27% from ~24% prior," said Morgan Stanley analyst Sanjit Singh in a note. "The catch is that while overall growth accelerated to 30%+, Atlas sustained at +29% YoY—the 5th consecutive quarter of posting +29% growth. However, this was just shy of market expectations looking for +30% growth, leading to a sell-off in the after-hours market post a major rally intra-quarter. As such, the top-line acceleration was due to Enterprise Advanced & Other, which saw growth jump to +36% from +13% in 1Q." Bank of America reiterated its Buy rating and $540 target on the stock as it finds the bull thesis remains intact. "The results were above consensus but were likely below investor expectations," said BofA analyst Koji Ikeda in a note. "Nonetheless, our thesis is unchanged: in our view, MongoDB remains one of the best-positioned platforms to capture share in next-generation operational databases, particularly as AI-native workloads scale. We view any expectations-driven drawdown as a particularly attractive buying opportunity." Finally, UBS maintained its Neutral rating but reduced its price target to $410 from $460. "The stock set-up into the print was tough as more investors were expecting evidence of an AI pull-through (such that the Atlas growth bogey had drifted up to perhaps 31%) that is still not material for JSON-based operational databases like MongoDB, even if the pull-through has become very evident for data peers Snowflake ( SNOW ), Databricks and Palantir ( PLTR )," said UBS analyst Karl Keirstead in a note. Snowflake was down 2.5% during pre-market trading on Wednesday.