Shares of MongoDB Inc MDB spiked in early trading on Wednesday, after remaining under pressure on its guidance shortfall. MongoDB has several opportunities to gain share in the operational database market, which is worth around $45 billion, according to Morgan Stanley. The MongoDB Analyst: Sanjit Singh upgraded MongoDB from Equal-Weight to Overweight, while raising the price target from $230 to $270. The MongoDB Takeaways: The AlphaWise Cloud Optimization Survey indicates that more than 70% of respondents are actively undertaking cloud optimization initiatives, Singh said in the upgrade note. Check out other analyst stock ratings. Companies that are optimizing or have plans to optimize "expect to see acceleration in 2024 and plan to have a higher percentage of their applications reside in the public cloud post optimization than what they had planned for pre-optimization," the analyst said. The headwinds from cloud digestion "should be largely complete heading into FY25," Singh said.