Monday.com price target raised to $230 from $220 at JPMorgan

JPMorgan raised the firm’s price target on Monday.com to $230 from $220 and keeps an Overweight rating on the shares. The firm says Monday.com last week rolled out price adjustments for all customers, impacting all Monday.com accounts, existing and new. Based on the firm’s math, the updated data reflect a 11%-21% list price uplift. While the price increase is not a total surprise as the company alluded to it in its analyst day in December, at that time the company referred to a gradual roll out of the pricing changes, starting in the second half of 2024, the analyst tells investors in a research note. The firm views last week’s announcement calling for an ahead of schedule pricing adjustment as a positive development. It sees potential incremental revenue of $30M-$40M for 2024 from the adjustment.