MongoDB price target lowered to $357 from $404 at Bernstein

Bernstein analyst Firoz Valliji lowered the firm’s price target on MongoDB (MDB) to $357 from $404 and keeps an Outperform rating on the shares. The firm believes the company faces a more difficult setup heading into Q4 results. Next year’s guidance is an overhang for the stock. Valuation for MongoDB has reset over the last three months, Bernstein adds. As such, upcoming earnings could be a clarifying event for the stock. The firm would recommend investors to evaluate the MongoDB buying opportunity post-earnings.