Monday.com (MNDY – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Steve Enders from Citi reiterated a Buy rating on the stock and has a $381.00 price target.
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Steve Enders has given his Buy rating due to a combination of factors including Monday.com’s strong performance in the first quarter and the adoption of its WorkOS products. The company demonstrated robust core customer metrics, such as stable net revenue retention and an increase in customer additions, particularly in its CRM, development, and service products. Despite the conservative guidance for the upcoming quarters, Enders views this as a strategic move to set a favorable setup for Q2, reflecting the company’s resilience in the current macroeconomic environment.
Furthermore, Monday.com reported significant upsides in revenue, billings, EBIT, and free cash flow, which exceeded consensus expectations. The company’s management noted stable macroeconomic conditions, with improvements in net revenue retention and customer acquisition trends. Although the guidance was conservatively maintained, the strong execution and emerging platform story, along with a best-in-class Rule of 40, support the Buy rating. Enders adjusted the target price to $381, reflecting the updated valuation and macroeconomic considerations.
Enders covers the Technology sector, focusing on stocks such as Intuit, Workiva, and Dropbox. According to TipRanks, Enders has an average return of -1.2% and a 52.27% success rate on recommended stocks.
In another report released today, Oppenheimer also maintained a Buy rating on the stock with a $350.00 price target.