Monday.com downgraded to Neutral from Outperform at Baird

Baird downgraded Monday.com (MNDY) to Neutral from Outperform with a price target of $90, down from $175. The company reported a mixed quarter with 2026 guidance below consensus and the pulling of its 2027 targets, the analyst tells investors in a research note. Baird views Monday.com’s reset in margins and removing the 2027 targets as “negative surprises.” It believes paid search marketing from Google continues to weigh on demand while the internal “moving parts” introduced execution risks. Baird expects investor sentiment on the shares to “remain muted” as Monday.com resets expectations and says the shares will be a “show-me story.”