Monday.com price target raised to $185 from $130 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on Monday.com to $185 from $130 and keeps an Overweight rating on the shares, arguing that the company’s better-than-expected Q4 sale growth "should calm fears that recessionary headwinds and competition could derail a promising growth story." While a 2023 outlook calling for growth to moderate to 33% suggests the company "is not immune to the macro," the firm remains impressed by Monday.com’s leadership and thinks a higher multiple is warranted in light of expectations for positive free cash flow this year and positive EPS next year.