Wedbush raised its price target on MongoDB (NASDAQ:MDB) to $400 from $300 while reiterating an Outperform rating, sending shares up more than 2% in intraday trading Monday.

The firm said MongoDB was expanding its focus on enterprise opportunities, particularly within the U.S., while maintaining stability in its mid-market business. Analysts argued the company was well-positioned to capitalize on AI-driven use cases, which were expected to expand considerably in the coming years.

Wedbush also added MongoDB to its Best Ideas List, highlighting what it viewed as the company's next growth phase.