Jefferies analyst Brent Thill upgraded Monday.com to Buy from Hold with a price target of $230, up from $180. The analyst expects 2024 to be another positive year for software, but sys the group is likely see more measured returns versus 2023. The first half of 2024 could be challenging given the Q4 rally and seasonal Q1 “black ice,” the analyst tells investors in a research note. The firm would position selectively for a better second half of the year, driven by fundamental acceleration, increased adoption of artificial intelligence, lower interest rates, “still reasonable” valuations, and potential acquisition pick-up. The rating change is part of Jefferies’ 2024 software playbook.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on MNDY:
- Workday price target raised to $330 from $300 at Piper Sandler
- Snowflake price target raised to $250 from $220 at Piper Sandler
- Monday.com price target raised to $250 from $225 at Piper Sandler
- Monday.com assumed at Neutral from Buy at DA Davidson
- INTU, NOW, MNDY: Which Enterprise Software Stock is the Best Buy?