MongoDB price target lowered to $470 from $500 at BofA

BofA lowered the firm’s price target on MongoDB to $470 from $500 and keeps a Buy rating on the shares ahead of the Q1 results on May 30. The firm’s Cloud View report points to healthy Atlas upside in Q1 and implies Atlas revenue up 34.5% year over year to $320M, the analyst tells investors in a research note. BofA continues to believe that MongoDB is well-positioned to capture share of the $108B database market.