Monday.com price target raised to $240 from $220 at Oppenheimer

Oppenheimer raised the firm’s price target on Monday.com to $240 from $220 and keeps an Outperform rating on the shares. Monday.com delivered solid Q4 2023 results ahead of expectations, showcasing fast-paced enterprise gains, strong CRM and Dev customer additions, healthy demand generation, and solid operating and free cash flow margins. The company is also increasing pricing 3-4 months earlier than expected, though provided only in-line Q1 and 2024 revenue guidance. Management’s guidance carefully accounts for the still unsettled environment and potential churn from the increases. Even so, Oppenheimer believes it’s conservative considering stabilizing macro and potential improving second half of 2024 expansion trends.