Cantor Fitzgerald analyst Thomas Blakey lowered the price target on MongoDB (NASDAQ: MDB) to $378.00 (from $454.00) while maintaining an Overweight rating.

The analyst commented, "We continue to view MongoDB as well-positioned to be a primary part of an enterprise’s AI data stack offering an OLTP-based single intelligent data layer, and also offering vectorized functionality with ease of app development and ability to scale supporting our OW rating. We lower our 12-month PT to $378 (from $454) based on lower overall software multiples, which represents 9x C27 revenue, in-line with MDB's three-year NTM average EV/R multiple."