Stifel lowered the firm’s price target on MongoDB (MDB) to $275 from $340 and keeps a Buy rating on the shares. The firm surveyed 25 MongoDB customers to assess relative usage growth, the potential that customers could or would displace existing Mongo workloads with PostgreSQL, and the relative operational cost between the two. The firm views the results as supportive of sustained Atlas growth as they do not point to meaningful share-shifts, but it lowered its price target based on recent group multiple compression and a more uncertain economic outlook.
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