Why MongoDB Stock Flopped On Friday
A deep analyst price target cut led to a steep decline in MongoDB's (NASDAQ: MDB) value on the last trading day of the week. The database specialist saw its share price erode by over 7%; even the under-pressure S&P 500 index did better, with a relatively benign 1.5% drop on the day.
While this doesn't mean that said analyst -- Credit Suisse's Fred Lee -- is now bearish on MongoDB, his is not an encouraging move either. Lee now pegs the stock as being worth $250 per share, quite some distance below his previous estimation of $305. He remains a MongoDB bull, though, as he maintained his outperform (read: Buy) recommendation on the tech company's shares.
Lee's adjustment is one of a series by analysts from a clutch of name researchers including Citigroup, Wedbush, and Mizuho (although, to be fair, not every one of them cut their price target). They follow MongoDB's release of its fourth-quarter and full-year 2022 results. Although it handily beat the average prognosticator projection for both revenue and profitability, its top-line guidance fell short of estimates.
Source Fool.com
