MongoDB price target lowered to $170 from $190 at Mizuho

Mizuho analyst Matthew Broome lowered the firm’s price target on MongoDB to $170 from $190 and keeps a Neutral rating on the shares. The company reported meaningful Q3 revenue upside, and management noted a broad rebound in consumption despite macro headwinds, Broome tells investors in a research note. However, the revenue beat was largely driven by outperformance in the legacy on-premise business, which benefited from upfront recognition of increased multi-year deal activity, says the analyst. He says that while the results "may help to allay near-term fears of a macro-induced speed bump, investors "may remain reluctant to hold this name near-term given its exposure to ongoing global macro disruption."