MongoDB slips even as Bernstein starts coverage, calls it 'best of breed'
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MongoDB (NASDAQ:MDB) shares slipped on Friday, even as investment firm Bernstein started coverage on the developer platform company with an outperform rating.
Analyst Mark Moerdler called MongoDB (MDB) a "best-of-breed, new-generation, database vendor" that is going against big companies such as Microsoft (MSFT) and Amazon (AMZN) in the database software market.

"We think [MongoDB] can sustain growth, despite competition," Moerdler wrote, adding that the company's technology is ahead of Microsoft's (MSFT) and Amazon (AMZN) Web Services.
Moerdler added that the database software market is large, expected to be worth roughly $37B in 2025 and growing fast, at a 25% compound annual growth rate between 2021 and 2025.
Since MongoDB (MDB) is significantly smaller than either Microsoft (MSFT) or Amazon (AMZN), at just $1.3B in current annual revenue rate, it can grow without needing to take "significant market share," Moerdler explained.
MongoDB (MDB) shares fell 1% in premarket trading, following Thursday's 7% fall.
Last month, Citi said MongoDB (MDB) was among the firm's favorite stocks in the enterprise application software space.