Stifel analyst Brad Reback lowered the firm’s price target on MongoDB (MDB) to $256 from $320 and keeps a Buy rating on the shares after the company reported fiscal Q3 results that he said "comfortably exceeded conservative expectations across all major metrics." The healthy consumption commentary and management’s ability to effectively manage its expenses make MongoDB "well positioned to sustain 30%+ revenue growth and much faster levels of profit gains in coming quarters/years," argues Reback. In addition, he believes MongoDB’s consumption commentary, coupled with healthy usage results reported by Snowflake (SNOW) a week ago, should be viewed as "a solid data point" for Datadog (DDOG) as the company closes out its Q4 this month.
Published first on TheFly
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