MongoDB Posts In-Line Q2 Amid Stable Atlas Growth, UBS Says

12:49 PM EDT, 09/02/2026 (MT Newswires) -- MongoDB (MDB) delivered a largely in-line fiscal Q2 results, with Atlas database growth stable and artificial intelligence upside still in early-stage, UBS said in a note Tuesday. "Fundamentally, MongoDB is posting stable and attractive high-20% Atlas growth but just isn't seeing a material AI pull-through yet," the report said. The report said AI pull-through is still not material for the company, unlike what is becoming more visible at peers such as Snowflake (SNOW) and Databricks. Some AI-natives have begun using MongoDB as a memory layer, the note said, adding that the company will make some product announcements at its Sept. 29 event. UBS cut its price target to $410 from $460 while keeping its neutral rating. Price: 382.70, Change: -51.51, Percent Change: -11.86