- Analysts appreciated MongoDB, Inc's MDB Q1 beat but cut the price target to reflect macro headwinds.
- Needham analyst Mike Cikos maintained MongoDB with a Buy rating and lowered the price target from $362 to $310. The price target change reflected the declines in the broader stock market.
- Cikos acknowledged MongoDB's strong 1QF23 feat outperforming guidance and expectations. Atlas' and Enterprise Advanced's growth impressed the analyst.
- Cikos also appreciated the guidance raise after factoring in macroeconomic headwinds. He remained positive given the large TAM and early penetration of the market.
- Piper Sandler analyst Brent Bracelin maintained MongoDB with an Overweight rating and lowered the price target from $585 to $430.
- Atlas's growth streak helped ward off investor concerns coupled with the growth surprise from Enterprise Advanced. The price target reflected macro headwinds.
- Bracelin acknowledged that MongoDB consolidated its stature as one of the marquee all-weather growth stocks to become the new modern cloud database of choice for future applications.
- Canaccord Genuity maintained the Buy rating on MongoDB and lowered the price target to $300. Morgan Stanley maintained an Overweight rating on MongoDB and cut the price target to $368.
- Stifel maintained Buy on MongoDB and lowered the price to $340, while Citigroup maintained the Buy rating on MongoDB and raised the price target to $425.
- Price Action: MDB shares traded higher by 17.90% at $285.09 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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