Why MongoDB Stock Popped 2% on Tuesday
Shares of cloud-based database platform MongoDB (NASDAQ: MDB) inched up a respectable 2.1% through 11:30 a.m. ET Tuesday, despite the fact that this morning, Swiss megabank UBS cut its price target on MongoDB nearly in half, according to ratings watcher The Fly. Ordinarily, you'd think that would be bad news for a stock -- not the kind of thing that would drive a 2% stock price gain.
But here's the thing: In cutting its price target in half, UBS admitted that MongoDB stock is probably not worth the $390 a share it initially valued the stock at. But UBS does think MongoDB is worth about half that, or $200 a share.
And right now, MongoDB stock only costs about $146.
Source Fool.com
