JPMorgan analyst Pinjalim Bora upgraded Monday.com to Overweight from Neutral with a price target of $140, up from $130. The analyst says that after seeing "the relative resiliency in the business" in the face of a tough macro backdrop and the solid execution by management over the last two quarters, he’s now "more comfortable moving to an overweight position." Bora is also encouraged that despite having a relatively higher small business exposure in a worsening macro environment, Monday.com has not seen a meaningful change in gross churn or downgrades over the last couple of quarters. This likely indicates that Monday’s value proposition is resonating with customers, Bora tells investors in a research note. The analyst sees an attractive risk/reward at current share levels.
Published first on TheFly
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