MongoDB (MDB) PT Lowered to $275 at Scotiabank

Scotiabank analyst Patrick Colville lowered the price target on MongoDB (NASDAQ: MDB) to $275.00 (from $415.00) while maintaining a Sector Perform rating.

The analyst commented: "We reiterate our Sector Perform rating on MongoDB following a print in which Atlas growth underwhelmed relative to elevated expectations in 4Q and the F27 guide. Investor hopes were high heading into the print due to strong results from peers, 3 quarters of accelerating Atlas growth, the disclosure of Anthropic as a MongoDB customer, and the widely applauded appointment of CJ Desai as CEO. Our recent checks with massive companies across verticals indicate an improving medium-term outlook for MongoDB’s ability to benefit from enterprise AI adoption, which is really great. But, heading into results we argued that the narrative on MongoDB had flipped from ‘hotly debated’ to ‘consensus long’ which we didn’t understand as we saw no near-term evidence of MongoDB’s share of new database wins accelerating in our fieldwork. MongoDB is undoubtedly a hall-of-fame software company with a lot to like and insulated from the risk of “vibe coded” copycats given the critical nature of its tools. Nonetheless, for now as expectations are recalibrated we continue to stay on the sidelines."

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