Maintaining a Buy on Monday.com: Depressed Valuation, Solid Demand Signals, and Long-Term Upside Despite 2026 Estimate Risks

Steve Enders, an analyst from Citi, maintained the Buy rating on Monday.com. The associated price target was lowered to $230.00.

Steve Enders has given his Buy rating due to a combination of factors that, in his view, make Monday.com’s current valuation overly depressed relative to its fundamentals and peers. He argues that while there is real risk to 2026 estimates and a likely downward revision in guidance, this is already more than reflected in the share price, which has fallen sharply over the past year. At roughly 9x 2027 EV/FCF, he sees Monday.com trading at a significant discount to comparable software names that are growing much slower, suggesting meaningful upside if the market resets expectations and the multiple normalizes. His revised target price of $230, based on a 7x EV/revenue multiple versus an 8x level implied by his regression work, still supports a notably positive return profile even after trimming forecasts.

Enders also highlights external indicators that support a constructive longer-term view despite near-term uncertainty. Partner channel checks point to Monday.com gaining share in mid-market consolidation projects and potentially benefiting from artificial intelligence capabilities, such as Sidekick and Magic, which could add several points of growth in 2026 in a favorable scenario. While partners are more cautious about deeper enterprise penetration for newer CRM and service offerings and voice concerns around possible AI disruption to collaborative work management, he notes that there is little tangible evidence of material demand destruction so far. Additionally, his analysis of web traffic trends shows robust growth in overall site visits and particular strength in paid search and reallocated digital marketing spend, which he interprets as consistent with a healthy demand environment that can underpin revenue and free cash flow growth over time.

In another report released on January 30, TipRanks – Google also reiterated a Buy rating on the stock with a $128.00 price target.

MNDY’s price has also changed dramatically for the past six months – from $277.730 to $114.750, which is a -58.68% drop .