Citi analyst Steven Enders says the firm’s digital footprint data indicates “still solid” top-of-funnel for Monday.com (MNDY) while Asana (ASAN) has seen pressure with potential impacts from artificial intelligence changes on search engine results. Monday.com has retained a “relatively aggressive” marketing posture, which is a positive demand indicator, although Citi’s bottom-up seat expansion analysis shows indications of net revenue retention pressure in April and May, the analyst tells investors in a research note. The firm says its analysis shows a “fairly stable backdrop” for Monday.com. It reiterates the stock as a top pick with a Buy rating and $381 price target.
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