MongoDB price target lowered to $225 from $330 at Needham

Needham analyst Mike Cikos lowered the firm’s price target on MongoDB to $225 from $330 to reflect "broader degradation" in market multiples but keeps a Buy rating on the shares after its Q3 earnings beat. The company delivered a solid quarter, materially outperforming estimates and investor sentiment heading into the print, the analyst tells investors in a research note. Cikos adds that MongoDB management’s tone also sounded better on the earnings call, reflecting improvements to Atlas Consumption trends.