MongoDB price target lowered to $315 from $415 at Loop Capital

Loop Capital lowered the firm’s price target on MongoDB to $315 from $415 and keeps a Buy rating on the shares. The company experienced an incremental slowdown in its highly strategic cloud Atlas business that was primarily driven by macro, with lower-than-expected consumption trends seen across all geographies, all customer sizes, and all verticals, the analyst tells investors in a research note. It appears that much of the softness is driven by both existing and newer workloads not ramping as they typically have done in the past, the firm added.