MongoDB price target raised to $250 from $240 at Needham

Needham analyst Mike Cikos raised the firm’s price target on MongoDB to $250 from $240 and keeps a Buy rating on the shares. The company’s FY24 revenue outlook was below expectations and reflects a difficult comparison for Enterprise Advanced along with sustained macro headwinds to Atlas as existing workloads grow below historical rates, the analyst tells investors in a research note. The firm adds however that the implied increase in Atlas Revenue screens conservatively, as MongoDB management has assumed no material change in growth of existing workloads.