12:31 PM EST, 03/08/2024 (MT Newswires) -- MongoDB ( MDB ) may be conservative with its forward guidance, RBC Capital Markets said Friday, but sees plenty of upside for the database company on growth and margin.

MongoDB ( MDB ) late Thursday forecast revenue growth in a range of 13% to 15% for its current fiscal year that began Feb. 1. The guidance lagged consensus views of 22% increase, weighing on MongoDB ( MDB ) shares during extended hours Thursday and regular trading Friday. However, the company's Q4 reported revenue topped estimates and may be poised to do it again.

"We see plenty of levers to upside on both growth and margins, suggesting a similar level of conservatism baked into guidance as years past," the investment firm said.

RBC maintained its outperform rating for MongoDB ( MDB ) with a $475 price target.

MongoDB ( MDB ) shares were 6% lower in recent trading.

Price: 385.46, Change: -26.55, Percent Change: -6.44