Citi raised the firm’s price target on MongoDB (MDB) to $550 from $515 and keeps a Buy rating on the shares. The firm says its usual confidence in MongoDB is “more tempered” into the Q4 results after January quarter consumption names Elastic (ESTC) and Snowflake (SNOW) disappointed, and results from “favored names” have underwhelmed versus high expectations. Citi’s quarterly inputs were best described as steady with partners indicating healthy consumption, offset by smaller deal sizes, with vector database usage still early, the analyst tells investors in a research note. Citi would buy shares of MongoDB on any pullbacks.
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