MongoDB (MDB) PT Lowered to $250 at Mizuho

Mizuho analyst Matthew Broome lowered the price target on MongoDB (NASDAQ: MDB) to $250.00 (from $380.00) while maintaining a Neutral rating.

The analyst commented: "Although MDB delivered revenue and margins (including Atlas growth of +32% Y/Y) ahead of consensus, the beat was much lower and missed buy-side expectations. Management further lowered its FY25 growth to 12-13% (vs consensus of 15%), sending shares down 31% AH, as MongoDB saw weaker-than-expected workload growth and a smaller new-workload cohort in Q1 than expected. The main driver of the lower guidance was the weaker macro environment (a similar trend cited by other software companies), but management also hinted at some sales execution issues that had an incremental impact. We lower our estimates, reiterate our Neutral rating, and lower our PT to $250 (from $380), which implies NTM EV/revenue of 10x."

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