MongoDB (MDB) delivered a solid start to 2027, with Q1 results and guidance coming in ahead of expectations, supported by continued strength in Atlas consumption and improving enterprise adoption, Oppenheimer said in a Thursday note.

The analysts noted that Atlas growth showed a slight year-over-year acceleration, supported by broader adoption across financial services, technology and media customers, along with early traction from AI-native companies and frontier labs.

Oppenheimer said MongoDB's execution remains strong, supported by disciplined go-to-market strategies and a differentiated architecture, while highlighting an emerging artificial intelligence opportunity that could provide longer-term upside.

The firm noted competitive pressure from PostgreSQL-based solutions and said AI workloads have not yet become a meaningful revenue driver despite early traction, but added that MongoDB's results support confidence in continued upside momentum as enterprise and AI adoption grow.

Oppenheimer maintained its outperform rating on the stock and raised its price target to $410 from $375.

Shares of MongoDB were down more than 4.8% in Friday trading.

Price: 309.76, Change: -15.92, Percent Change: -4.89