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MongoDB and Snowflake Receive Upgrades

Key Points
A positive sentiment toward risk has returned, suggesting that tech stocks could outperform. 
MongoDB is the stronger stock of the two and may see new highs this year. 
Snowflake has more ground to make up but offers a better risk/reward profile.
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After a challenging end to the summer for equities, the benchmark S&P 500 experienced a drop of more than 10% at one point. However, recent data indicating tamed inflation has led to a resurgence in stock market performance. 
Inflation had negatively impacted tech stocks in 2022 due to increased interest rates and higher borrowing costs, but with signs of improvement, investors have re-engaged in the market. 
The S&P 500 has recently achieved its longest winning streak in two years, leading analysts to become optimistic again. Here are the recent upgrades to two stocks in the data tech space.
MongoDB Inc.
MongoDB Inc. NASDAQ: MDB rose by 225% last year through July. Despite a subsequent 30% drop, recent developments indicate a potential buying opportunity. 
Capital One upgraded MongoDB to a bullish Overweight rating this week, expressing confidence in the company’s bullish outlook despite the challenging macro environment. 
Bank of America also gave MongoDB a Buy rating last month with a $450 price target, recognizing the company as a top vendor in the rapidly growing database market and well-positioned to gain market share from major players such as Inc. NASDAQ: AMZN and Microsoft Inc. NASDAQ: MSFT. 
With Bank of America’s price target indicating a 25% upside from Thursday’s close, MongoDB may surpass July’s peak and further bolster its return to highs. 
Snowflake Inc.
Snowflake Inc. NASDAQ: SNOW had been trending toward its all-time high this summer but experienced a 30% drop last month, making it a potential long-term entry point. 
Capital One also upgraded Snowflake shares to an Overweight rating, acknowledging an anticipated growth reacceleration through 2024 and 2025, making its risk/reward profile attractive. 
While Bank of America gave Snowflake a “neutral” rating last month, it expects the company to capture market share as a first mover, though its consumption pricing model has not performed as expected.
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