MongoDB price target raised to $340 from $330 at DA Davidson

DA Davidson raised the firm’s price target on MongoDB to $340 from $330 and keeps a Buy rating on the shares. The firm’s discussion with the company about its second half outlook suggests that it continues to appear conservative, while the pace of Atlas growth deceleration is much less than it appears when adjusted for some one-time headwinds this year, the analyst tells investors in a research note. DA Davidson adds that it continues to believe MongoDB is a difficult stock to own for near-term investors given the unpredictability of consumption growth trends, but the firm continues to favor the shares over the long-term.