Citi says that following a second guidance cut last quarter from MongoDB, the bar on total revenue is “sufficiently conservative.” The firm is more optimistic on upside to estimates from Enterprise Advanced versus Atlas citing favorable inputs on large financial service renewals and consensus more aggressive on Atlas growth versus EA. Citi sees a better stock set-up for MongoDB in the second half of 2024, with easier compares, stronger large deal seasonality and easing of headwinds into fiscal 2026. It keeps a Buy rating on the shares with a $350 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MDB:
- Is MDB a Buy, Before Earnings?
- Options Volatility and Implied Earnings Moves This Week, August 26 – August 30, 2024
- DA Davidson technology analysts hold an analyst/industry conference call
- Class Action Lawsuit Against MongoDB, Inc. (NASDAQ:MDB)
- MongoDB price target lowered to $300 from $350 at Piper Sandler