MongoDB price target lowered to $290 from $295 at Citi

Citi analyst Tyler Radke lowered the firm’s price target on MongoDB to $290 from $295 and keeps a Buy rating on the shares. The company reported a "solid" Q4 with improved Atlas revenue growth, near record direct sales net adds and significant upside to profitability, the analyst tells investors in a research note. However, while the headline numbers looked "quite strong," this was offset by weaker consumption trends noted in December and January, some one-time benefits impacting Q4 Atlas and a well below consensus initial fiscal 2024 outlook, the firm adds. Citi likes the share setup and sees the numbers "now being de-risked."