Morgan Stanley Boosts Couchbase (BASE) PT to $19 Following Strong Q1 Report

On Wednesday, Morgan Stanley analyst Sanjit Singh raised the price target for Couchbase Inc. (NASDAQ:BASE) to $19 from $18, while maintaining an Equal Weight rating on the stock. This decision comes after Couchbase’s strong performance in FQ1 2026.

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A technician installing hardware in a modern server room, highlighting the company’s focus on on-premise environments.

Revenue totaled $56.5 million for FQ1, which marked a 10% year-over-year increase. The company reported ARR growth of 21% year-over-year to reach $252.1 million, which exceeded expectations. Furthermore, net new ARR growth accelerated to over 300% on a reported basis, driven by large strategic accounts and Capella adoption.

Capella ARR, particularly, grew by 84% to $44 million, and now represents 17.4% of total ARR and 33% of the customer base. Couchbase Capella is a fully managed and cloud-native NoSQL DBaaS that simplifies database management. The average ARR per customer was $269,000.

Couchbase Inc. (NASDAQ:BASE) provides a cloud database platform for enterprise applications internationally. The company was formerly known as Membase and changed its name to Couchbase in February 2011.

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Disclosure: None. This article is originally published at Insider Monkey.