MongoDB (MDB) needs to demonstrate "material AI uplift potential" for a re-rating of the stock, UBS said in a note emailed Thursday that featured feedback from current customers.

During its investor day, the company stated that the impact of artificial intelligence on its revenue growth was "still small," and customer feedback supported this assertion, UBS analysts said.

Very few customers are running AI-centric workloads on the platform at present, with one customer sharing a use case that was "too lightweight" to have a significant impact on spending, the analysts noted.

Uptake on the company's core products leans more positive, with no signs indicating any spending downturn or material negative, the analysts said. Feedback from customers using Atlas in the cloud and EA on-prem were mostly upbeat, according to the note.

UBS' rating on the company's stock is neutral with a price target of $375.

Price: 354.14, Change: +5.52, Percent Change: +1.58