Couchbase price target lowered to $25 from $27 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Couchbase (BASE) to $25 from $27 and keeps an Equal Weight rating on the shares. After a soft start to the year, Couchbase delivered its second consecutive in-line quarter, but an in-line ARR result and reiteration of the implied Q4 ARR guidance is “likely not enough” as investors remain wary of the embedded inflection in the guidance, the analyst argues. However, traction with Capella, a larger and more evenly distributed FY26 renewal base, and “an undemanding valuation” leave the firm “leaning” positive, the analyst added.