MongoDB price target raised to $491 from $484 at Bernstein

Bernstein raised the firm’s price target on MongoDB to $491 from $484 and keeps an Outperform rating on the shares. The firm says MongoDB delivered a solid quarter, beating on most major metrics, but the extremely conservative guidance for Q1 and FY25 resulted in the stock underperforming. For the full year, consensus for revenue guidance sat at 23% going into the quarter, while the buy side, Bernstein believes, was likely expecting 20%. The 12.9%-14.6% year-over-year growth rate implied was a bit lower than even the firm’s expectation, but it still maintains that this is business as usual for this management team, with unrealistically low guidance setting them to beat and raise. Bernstein would recommend taking the dip as a buying opportunity.