MongoDB price target raised to $400 from $350 at RBC Capital

RBC Capital raised the firm’s price target on MongoDB (MDB) to $400 from $350 and keeps an Outperform rating on the shares. The company reported a “decent” Q3 earnings, with shares initially up 10% after-hours, though the gains were reversed as management explained upfront revenue from multi-year deals drove half of Q3’s upside, the analyst tells investors in a research note. MongoDB’s CFO transition also adds risk, though the firm’s bullish thesis remains intact amid improving consumption trends, RBC added.