MongoDB (MDB) is expected to record "solid" fiscal Q3 financial results, capitalizing on higher demand for its artificial intelligence portfolio across enterprise channels and its mid-market opportunities, Wedbush Securities said in a note Wednesday.

Analysts said the Street's fiscal Q3 revenue estimate of $593.9 million is "conservative" as consumption metrics for the Atlas cloud database service are still in the early stages of re-accelerating, with more customers realizing value from the platform.

Atlas currently contributes about $2 billion in annual revenue, and the company has yet to "scratch the surface" of an over $100 billion market opportunity, according to the note.

The investment firm also said MongoDB's product launches at its investor day event in September demonstrate the company's ability to add customers to its ecosystem.

MongoDB said it will report fiscal Q3 earnings after markets close on Dec. 1.

Wedbush maintained its outperform rating on the stock and $400 price target.