Citi analyst Steven Enders downgraded Monday.com to Neutral from Buy with a price target of $250, down from $277. The analyst also opened a “90-day negative catalyst watch” on the shares. The firm says its recent partner conversations and web traffic data outlined slowing demand for Monday.com with a more muted impact from price increases. These add risk to the company’s near-term outlook amid elevated investor sentiment and valuation, the analyst tells investors in a research note. Citi believes investor expectations for the impact of price increases on 2024 growth may be overextended in the near-term. As such, it sees a more balanced risk/reward for the shares.
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