MongoDB (MDB) Atlas' momentum continues, driving the company's fiscal Q3 beat and annual outlook upgrade, Truist Securities said in a Monday note.

Late Monday, the database software maker raised its full-year estimates on the back of stronger-than-expected fiscal Q3 results. Atlas is its cloud-based developer data platform.

The new guidance embeds Q4 Atlas growth of about 27% year over year, compared with a previous mid-20% growth view, Truist said in a note to clients. Non-Atlas growth is projected to be in the "upper single-digit range," according to the note.

"Though (artificial intelligence) tailwinds have not factored prominently into the model at this point, we saw evidence of early wins as promising for the next potential leg of growth," Truist said. "We believe that AI projects rolling to production could drive upside to expectations for the year ahead."

The brokerage raised its price target on the MongoDB stock to $450 from $400 while reiterating its buy rating.

The company's shares were up 23% in recent premarket activity Tuesday.