MongoDB (MDB) sees a largely nascent AI opportunity with a multi-year runway across both AI-native and enterprise customers, Oppenheimer said in a Wednesday research note, following investor meetings with management.

The company's differentiated technology suite, which includes flexible schema, scale-out, multi-cloud, and the inclusion of search, vector, and embeddings, uniquely positions MongoDB to address AI workloads at scale.

Oppenheimer said that MongoDB's management is working to increase C-level engagement, add senior sales resources and deepen customer feedback loops to help drive broader adoption and feature prioritization.

The brokerage expects guidance to be largely in line with expectations for fiscal 2027 and anticipates slower margin expansion as MongoDB invests in new features and sales execution.

Oppenheimer has a outperform rating on the company with a $490 price target.

Shares of MongoDB were down 1% in recent trading.

Price: 406.97, Change: -4.22, Percent Change: -1.03