MongoDB price target lowered to $320 from $375 at Oppenheimer

Oppenheimer analyst Ittai Kidron lowered the firm’s price target on MongoDB to $320 from $375 to account for market multiples, while keeping an Outperform rating on the shares. The analyst notes MongoDB delivered a strong Q3 and raised full year 2023 revenue guidance. Overall, he comes away "encouraged" by the results and MongoDB’s execution. Kidron believes the company’s success in continuing to win incremental workloads/customers highlights the mission-critical nature of its platform. And while he acknowledges lingering uncertainty from the macro environment, the analyst thinks management has appropriately accounted for this in the Q4 outlook. He remains bullish, and sees potential for upside.