MongoDB price target lowered to $270 from $300 at Canaccord

Canaccord analyst Kingsley Crane lowered the firm’s price target on MongoDB to $270 from $300 and keeps a Buy rating on the shares. The analyst said Q3 results was solid evidence that reports of its demise have been greatly exaggerated. He said its long-term opportunity remains compelling as the company is still early in penetrating a greater than$100bn database market, the heterogeneity of data and velocity of data creation create a secular shift towards non-relational databases, and as the first legitimate general purpose non-relational database, the company occupies a unique position of strength.