MongoDB price target raised to $400 from $350 at Citi

Citi raised the firm’s price target on MongoDB to $400 from $350 and keeps a Buy rating on the shares. The company “bounced back” in Q2 with a stronger beat cadence, improving commentary and a more bullish guide for Q3, the analyst tells investors in a research note. The firm says this assured investors the weakness in Q1 “was more of a blip.” While the Atlas beat was below historical beat cadence, commentary suggests exit consumption trends tracked better than feared, and new workload had returned to normal, contends Citi.