Cloud-based platform company Monday.com (MNDY) has earned higher price targets from many analysts following solid Q4 2024 results. The company posted a 32% year-over-year revenue growth, reaching a record $267.98 million and exceeding Wall Street’s $261.41 million estimate. Overall, analysts maintain a Strong Buy rating on MNDY stock, though its share price growth may be limited after a notable 54% surge over the past 12 months.
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Following the stellar earnings reports, MNDY stock soared over 25% on Monday.
Analysts Remain Bullish on MNDY Stock
Five-star-rated analyst Pinjalim Bora from J.P. Morgan increased its price target from $350 to $400 while maintaining a Buy rating. The new price target implies an upside of 22.5% from the current level. Bora called the recent results a “stellar quarter,” highlighting a return to strong performance after a weak prior quarter. He also praised the company’s Q1 outlook, which surpassed expectations with growth projected over 26%.
Additionally, J.P. Morgan believes Monday.com offers a unique opportunity “as it breaks out of the mold of collaborative work management into a multi-product story.”
Similarly, TD Cowen also raised MNDY’s price target from $300 to $385, predicting a growth rate of 18%. Cowen’s analyst believes that stable economic conditions and faster growth in the U.S. have boosted the company’s outlook. The company’s impressive 89% profit margin and strong financial health support this positive view. Overall, the analyst expects these factors to drive a premium for Monday.com’s shares and increase trading volume as the market adjusts to the company’s growth and financial strength.
Meanwhile, Canaccord Genuity raised its price target from $310 to $375, highlighting the company’s growth potential and market positioning. Furthermore, Oppenheimer, Jefferies, KeyBanc, and others have increased their price targets, driven by strong results and a positive outlook.
Is MNDY a Good Stock to Buy?
MNDY stock holds a consensus Strong Buy rating from 20 Wall Street analysts, including 17 Buys and three Holds. The Monday.com average share price target of $340 suggests an upside of 4% from its current price.
