MongoDB price target lowered to $290 from $465 at Needham

Needham lowered the firm’s price target on MongoDB to $290 from $465 and keeps a Buy rating on the shares. The company’s Q2 guidance was worse than expected and the management also cut its FY25 outlook on every metric amid a slower start for Atlas Consumption and new workload wins, the analyst tells investors in a research note. MongoDB also noted slower growth from newly acquired workloads, which is an outcome of its go-to-market initiatives to accelerate adoption that saw the sales organization aggressively acquire workloads without considering quality, the firm added, noting that the market will now need to “absorb this news”.