MongoDB upgraded to Neutral from Sell at Redburn Atlantic

Redburn Atlantic upgraded MongoDB (MDB) to Neutral from Sell with a price target of $170, down from $180. The firm sees no further downside in the shares. MongoDB’s valuation multiple is trading near all-time lows, and earnings expectations have already been reset, the analyst tells investors in a research note. Redburn says that while macro-related earnings risks remain, they are not company-specific, and that its structural concerns about MongoDB’s weakening competitive position are now largely priced into the stock.