MongoDB price target lowered to $295 from $300 at Citi

Citi analyst Tyler Radke lowered the firm’s price target on MongoDB to $295 from $300 and keeps a Buy rating on the shares. The analyst remains "constructive" on MongoDB but says its Q4 faces a more difficult setup with slowing public cloud spending and a potential below consensus revenue guide for fiscal 2024. However, accelerating web traffic and improved consumption throughout fiscal Q3 sets up for a stronger Atlas revenue growth quarter, the analyst tells investors in a research note. The firm sees MongoDB as still being in the early innings of gaining share "in one of the largest and well-defined/established markets in software."