MongoDB price target lowered to $270 from $320 at Oppenheimer

Oppenheimer analyst Ittai Kidron lowered the firm’s price target on MongoDB to $270 from $320 to reflect near-term challenges, while keeping an Outperform rating on the shares. The firm notes MongoDB delivered mixed results, beating consensus estimates but guiding below as the macro environment impacted consumption. While trends improved in February, consumption growth remains below historical norms and is expected to remain pressured through 2024. Positively, MongoDB continued to benefit from strong customer growth trends, Oppenheimer notes. Overall, the firm expects the near-term to remain challenging but remains positive long-term.