MongoDB (MDB) implied second-half deceleration in Atlas growth is not overly concerning, arguing the company likely has sufficient room to exceed its own guidance, Macquarie said in a note emailed Friday.

Stable consumption trends and expanding workloads across multiple industries make it more likely that Atlas growth holds closer to first-half levels than the deceleration implied by management's guidance, the firm said.

On the more cautious side, Macquarie said it lacks confidence that MongoDB's AI-related product lineup, including Voyage and Vector Search, offers enough critical mass to drive the broad adoption among AI-native companies that management has cited as a key strategic goal.

Macquarie pointed to MongoDB's upcoming investor day on Sept. 29 as a catalyst for the stock.

Macquarie maintained its neutral rating on the stock and raised the price target $375 per share from $315.

Price: 375.92, Change: -8.53, Percent Change: -2.22