MongoDB price target lowered to $180 from $220 at Mizuho

Mizuho analyst Matthew Broome lowered the firm’s price target on MongoDB to $180 from $220 and keeps a Neutral rating on the shares. While the company reported meaningful Q4 revenue upside, the beat was largely in line with investor expectations, the analyst tells investors in a research note. More importantly, weaker than expected consumption trends over the holiday period will impact sales growth in fiscal 2024, with MongoDB’s initial revenue guidance coming in well below Street expectations, says the firm. It believes investors may remain reluctant to hold the stock near-term given the company’s exposure to ongoing macro disruption.