Shares of MongoDB (NASDAQ: MDB) were pulling back on Monday after a pair of analyst notes came out on the software stock, each warning of near-term headwinds. Morgan Stanley lowered its rating on MongoDB from overweight to equal weight, with analyst Sanjit Singh saying the hesitant spending environment could weigh on the company's performance over the next few quarters. Singh said he still likes the long-term growth story from the NoSQL database software company, but believes that 2024 estimates are too high.
If you want some great investing advice, just listen to The Rolling Stones: You can't always get what you want, but time is on your side. The biggest knock against MongoDB is that it isn't profitable yet.
Comments by a top Federal Reserve official have all but erased investor hopes that the central bank will pause its interest rate hikes.