Analyst Derrick Wood of TD Cowen reiterated a Buy rating on Monday.com (MNDY – Research Report), with a price target of $360.00.
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Derrick Wood has given his Buy rating due to a combination of factors that highlight Monday.com’s strong performance and growth potential. The company reported a 31% constant currency revenue growth for the first quarter, surpassing market expectations. This growth was driven by robust customer additions across CRM, Service, and Development segments, along with a significant increase in AI interactions.
Moreover, Monday.com demonstrated strength in its up-market strategy, with notable growth in enterprise customers and multi-product adoption. The company’s operational margin also exceeded street expectations, and its billing and free cash flow were strong. Despite a conservative outlook due to macroeconomic uncertainties, the company’s guidance remains optimistic, setting the stage for potential outperformance. These factors, combined with a stable execution and a promising long-term growth trajectory, underpin Wood’s Buy rating.
In another report released today, Citi also reiterated a Buy rating on the stock with a $381.00 price target.