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The Q4 faces a more difficult set-up with slowing public cloud spending and a potential below consensus revenue guide for FY24.
Radke believes MDB’s consumption model could show better signs of resilience versus peers, given operational database exposure, which is less prone to optimization headwinds and historical outperformance of database spend during prior downturns.
The analyst also sees accelerating web traffic and improved consumption throughout FQ3, setting up for a more robust Atlas revenue growth quarter.
Radke slightly moderates his estimates as he expects a conservative guide, though with improved profitability.
The analyst reiterates a Buy rating as he sees MDB still in the early innings of gaining share in one of the largest, and well-defined, and established markets in software.
Price Action: MDB shares traded higher by 1.09% at $222.30 on the last check Tuesday.
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