BofA lowered the firm’s price target on Monday.com (MNDY) to $240 from $340 and keeps a Buy rating on the shares. While shares traded down 30% given a smaller Q2 beat magnitude, disappointing constant currency revenue guidance, and commentary regarding AI disruption to Google search engine optimization “fueled growth concerns,” the firm believes self-serve new customer growth headwinds are “more than adequately priced in” with the stock now down 44% since July. The firm remains constructive on the longer-term fundamental outlook for the collaboration software vendor, the analyst added.
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