MongoDB price target lowered to $257 from $264 at Barclays

Barclays analyst Raimo Lenschow lowered the firm’s price target on MongoDB to $257 from $264 and keeps an Overweight rating on the shares. The company reported a solid quarter but its outlook will "increase nervousness," the analyst tells investors in a research note. Similar to other consumption names this quarter, the big concern for MongoDB will be the validity of the lower fiscal sales guide, which implies only 16% growth and meaningful deceleration in the Atlas and EA segments, contends the firm. It says that while the picture "now seems more de-risked," investors will likely want to see evidence that consumption trends are improving and unused credit not becoming the new norm.