MongoDB initiated with a Neutral at Guggenheim

Guggenheim analyst Howard Ma initiated coverage of MongoDB with a Neutral rating and $205 price target. MongoDB has been "a standout NoSQL database vendor," said the firm, which believes the company will continue to benefit from high growth in the NoSQL market, but at slowing rates. The firm estimates that the company’s total new ARR has "decelerated significantly for three quarters in a row" and sees risk of FY24 guidance coming in below the consensus forecast for 26% growth.