What happened

Tuesday morning, a new bull joined the ranks of believers in MongoDB (MDB 7.07%) stock. As a result, the stock closed the day nearly 4% higher, trouncing the basically flat performance of the S&P 500 index.

So what

That bull is Credit Suisse analyst Fred Lee, who assumed his company's coverage of MongoDB stock. Happily for the latter, Lee has tagged it with an outperform (read: Buy) recommendation at his bank's existing price target of $305 per share. That's more than 50% above the stock's current level.

The Credit Suisse prognosticator is not the only member of his peer group to consider MongoDB undervalued. Last week, Citigroup's Tyler Radke went so far as to flag the stock as one of his top picks in the software industry. A day before that, Wedbush's Taz Koujalgi initiated coverage of the stock with his own outperform recommendation at a price target of $240.

Even with the unpopularity of tech stocks at the moment, it isn't hard to be positive about MongoDB lately. Early this month the company unveiled its latest set of quarterly results; these showed convincing beats on both revenue and profitability. 

Now what

Some caution is warranted here, and not just because MongoDB operates in a sector that's currently out of favor with much of the market.

Several analysts aren't as enthusiastic about the company's prospects, or are downright bearish on its future. One such pundit is Mizuho Securities' Matthew Broome, who cut his price target quite a bit following earnings -- he now feels it is worth $170 per share (previous estimation: $190). His recommendation is neutral.