03:37 PM EDT, 08/30/2024 (MT Newswires) -- MongoDB's ( MDB ) solid fiscal Q2 results support expectations of a long-term upside for the stock, Oppenheimer said Friday in a report.

"The improved execution and better-than-expected Q2 consumption reinforces our confidence in MongoDB's ( MDB ) long-term positioning, especially considering the growing Vector Search and Stream Processing engagement, and emerging GenAI opportunity," the investment firm said.

Oppenheimer's outlook is bullish even as management, according to the firm, remains cautious as it chose to hold Q3 and Q4 growth targets for MongoDB Atlas cloud database consumption unchanged.

"The measured approach also allows for tough [H2 year-over-year] Atlas comparisons and a potentially weak [H2] seasonal rebound," it said. However, the firm said it is "a reasonably set near-term bar."

Oppenheimer raised price target for MongoDB ( MDB ) to $350 from $300 and maintained its outperform rating.

MongoDB ( MDB ) shares were 17% higher in recent trading.

Price: 287.56, Change: +41.84, Percent Change: +17.03