Stifel analyst Brad Reback lowered the firm’s price target on MongoDB (MDB) to $340 from $425 and keeps a Buy rating on the shares. Though Mongo posted “a solid quarter,” another mixed guide sent shares down about 15% in after-hours trading, the analyst noted. The guidance shortfall appears to be entirely driven by non-Atlas business, adds the analyst, who believes Atlas is positioned to sustain 20%-plus revenue growth in coming years, enabling Mongo to sustain high-teens revenue growth.
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