MongoDB price target raised to $295 from $250 at Scotiabank

Scotiabank raised the firm’s price target on MongoDB to $295 from $250 and keeps a Sector Perform rating on the shares. The firm maintains its rating on the stock, believing a “snap back” is unlikely in 2024 due to the company’s software underpinning core operational workloads being less likely to have been optimized last year, less sales capacity ramping, and the lack of a visible product cycle in vector database, the analyst tells investors.