MongoDB price target lowered to $250 from $305 at Credit Suisse

Credit Suisse analyst Fred Lee lowered the firm’s price target on MongoDB to $250 from $305 and keeps an Outperform rating on the shares. MongoDB’s Atlas Q4 consumption linearity was broadly consistent with hyperscaler-levered peers, and FY24 revenue guidance was below expectations, implying Atlas revenue growth averages $10M/quarter vs. $17M growth since the onset of the slowdown, the analyst tells investors in a research note. Guidance implies pressure on incremental operating margins, the firm notes.