DA Davidson lowered the firm’s price target on Monday.com (MNDY) to $275 from $325 and keeps a Buy rating on the shares. The company reported a solid quarter with a slightly lower than typical beat driven primarily by weakness around net new demand from SMBs as a result of changes to Google’s (GOOGL) Search algorithm, the analyst tells investors in a research note. Monday.com guidance was also raised less than the size of the beat, even though the management remains optimistic about its multi-product opportunity and move upmarket, the firm added.
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