Morgan Stanley upgrades MongoDB shares
Morgan Stanley thinks it’s time to get back on board the MongoDB train, saying it sees a “pivot to profitability” for the company.
The firm moved to the sidelines on the company in November due to macro uncertainty, while noting at the time that it was willing to get bullish on the stock in the future due to its positive view on MongoDB’s competitive positioning and growth forecasts. Morgan Stanley now believes that many of its prior concerns have been addressed by the company and is now “getting back on board a secular beneficiary.”
Analyst Sanjit K Singh upgraded the cloud database stock to overweight from equal-weight. He also increased his price target to $270 per share from $230 per share, implying upside of 27.6% from Tuesday’s closing price.
Shares were up 3% Wednesday before the bell. CNBC Pro subscribers can read more about the upgrade here.
MongoDB stock
Warren Buffett says he could not run the Federal Reserve as well as Jerome Powell
Berkshire Hathaway Chairman and CEO Warren Buffett said he doesn’t think he could run the Federal Reserve as well as Jerome Powell. The central bank leader’s aggressive rate hiking campaign has attracted criticism from those who say Powell waited too long to target rising inflation.
“You have to act on insufficient information, and you’ve got an ultimate responsibility to the American public,” Buffett told CNBC’s Becky Quick Wednesday on CNBC’s “Squawk Box.”
“It doesn’t mean you can stop recessions, it doesn’t mean that you can turn bad loans into good loans or anything else. But it does mean that you’ve got to keep the system working. And the system came close to stopping,” he added.
He added, “Thank heavens, you know, Jay Powell was there” in March 2020.
— Sarah Min, Alex Harring
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Stock futures jumped after the March CPI report came in cooler than expected. Dow futures are now up more than 200 points, while Nasdaq…
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