Piper Sandler analyst Brent Bracelin sees 2023 as "pivotal year" for Monday.com where it "could blossom into a no-code automation platform." Meetings last week with management strengthen his confidence and positive bias that the company can build a profitable software franchise with a 90% gross margin model capable of scaling to $1B revenue by 2025. After the 67% year-to-date selloff, growth investors willing to underwrite at least a one year investment should revisit Monday.com, Bracelin tells investors in a research note. He keeps an Overweight rating on the shares with a $138 price target.
Published first on TheFly
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