Needham analyst Mike Cikos lowered the firm’s price target on MongoDB (MDB) to $270 from $415 but keeps a Buy rating on the shares. The company’s FY26 well below expectations after quantifying a significantly larger revenue benefit over the last 12 months and catching investors off guard by the more difficult comp, the analyst tells investors in a research note. All eyes are set squarely on Atlas – representing 71% of revenue – to drive revenue outperformance where consumption growth had stabilized, the firm adds.
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