Couchbase price target lowered to $20 from $25 at Stifel

Stifel lowered the firm’s price target on Couchbase to $20 from $25 and keeps a Buy rating on the shares. Couchbase posted “lackluster” Q2 results, as strong gross new ARR growth and healthy Capella growth were offset by an elevated level of customer churn and down sell during the quarter, the analyst tells investors. The firm still believes the shift in database spend toward NoSQL technologies and Capella momentum should allow Couchbase to sustain mid-to-high teens ARR growth, but it lowers its price target to reflect the more uncertain near-term outlook.