MongoDB's (MDB) customer and partner checks ahead of fiscal Q2 results point to stable operational database spending growth, with limited evidence that AI activity is meaningfully lifting demand for the platform so far, UBS Securities said Sunday in a report.

Because MongoDB serves a broad base of non-Fortune 500 enterprise customers, UBS said it is difficult to draw firm conclusions from a small number of checks, though it found no signs of an acceleration in demand.

UBS said it is seeing tangible AI-related uplift for other rival database companies, and the bull case for MongoDB partly rests on the view that broader database demand will eventually lift the company as well.

"We'd prefer to stay patient on the stock until we see more signs of a growth acceleration," the report said.

Q2 results are due Sept. 1.

UBS raised its price target on MongoDB stock to $460 from $350 and maintained its neutral rating.

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