Citi cuts MongoDB target, removes from Focus List

Citi lowered the firm’s price target on MongoDB (MDB) to $330 from $430 and keeps a Buy rating on the shares. Citi also removed the shares from its Focus List. The firm updated its estimates to reflect MongoDB’s “more conservative” fiscal 2026 guidance due to weaker non-Atlas revenue and the cumulative impacts of slower-to-ramp workloads in fiscal 2025. The analyst remains “a believer” in the MongoDB growth story as customers accelerate their database modernization and generative artificial intelligence use cases move into production. Citi still sees upside potential over the next 12 months, but cites weaker investment sentiment and a growth inflection that remains a few quarters away for the Focus List removal.