monday.com Ltd. (MNDY) PT Lowered to $230 at Needham & Company

Needham & Company analyst Scott Berg lowered the price target on monday.com Ltd. (NASDAQ: MNDY) to $230.00 (from $420.00) while maintaining a Buy rating following results.

The analyst commented, "Monday reported an impressive beat and top-line raise 4Q21 with record large customer and NDR metrics driven by up-market momentum and accelerating adoption of the platform across a wider range of use cases and workflows. The stock sold off post the report, likely due to 1Q22/FY22 profitability guidance below expectations on increased investments across product and sales & marketing. Given the strong momentum and large market opportunity ahead, we think it makes sense to double down on growth at this stage in the company’s journey. Monday also announced two new standalone products, WorkForms and Canvas as well as an expanded strategic relationship with KPMG in the quarter. We reiterate our Buy rating following the strong results and growth outlook but lower our PT to $230 from $420 given multiple compression across high-growth software."

You May Also Be Interested In

• Macquarie Double Upgrades Kinsus Interconnect Technology Corp (3189:TT) to Outperform
• Colgate-Palmolive India (CLGT:IN) PT Raised to INR2,055 at BofA Securities
• The Simply Goods Group (SMPL) PT Raised to $15 at UBS Following Q3 Earnings