MongoDB price target lowered to $350 from $400 at Loop Capital

Loop Capital analyst Yun Kim lowered the firm’s price target on MongoDB (MDB) to $350 from $400 and keeps a Buy rating on the shares ahead of its Q4 results this week. The firm believes that a positive trajectory of cloud consumption trend should continue in its cloud Atlas business, which should lead to a modest upside for this highly strategic business, the analyst tells investors in a research note. Loop adds however that it is not picking up signs that there is a sizable acceleration in the overall cloud consumption pattern, which is largely consistent with cloud infrastructure software vendors’ results so far in the current earnings season.