MongoDB price target raised to $240 from $225 at Needham

Needham analyst Mike Cikos raised the firm’s price target on MongoDB to $240 from $225 and keeps a Buy rating on the shares. The company has the potential to deliver a 6% Q4 revenue beat compared to the midpoint of the management’s $334M- $337M guidance, the analyst tells investors in a research note. Cikos adds that a mid-20% guidance for FY24 revenue growth also seems like an "appropriate launch-point" in the context of a less certain economy and the unlikely repeat of FY23 EA outperformance.