The initiation of coverage by a major bank like Scotiabank can bring MongoDB to the attention of more investors. The 'Sector Perform' rating suggests that the bank expects MongoDB's performance to be in line with the sector average, neither outperforming nor underperforming. The price target of $335 indicates where the bank believes the stock's price will move. This could influence investor sentiment and potentially the stock's price, but the direction is not clear from the news.