TD Cowen analyst Derrick Wood reiterated a Buy rating on Monday.com (MNDY – Research Report) today and set a price target of $385.00.
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Derrick Wood has given his Buy rating due to a combination of factors including Monday.com’s impressive revenue growth and strategic market positioning. The company reported a 32% revenue increase for the fourth quarter, which surpassed expectations and demonstrated resilience despite concerns about the EMEA region. The company is seeing acceleration in the U.S. market, particularly through up-market and cross-sell initiatives, which is contributing significantly to its growth.
Additionally, Monday.com’s initial growth guidance of approximately 25-28% is seen as strong, placing it in a favorable position within the market. The introduction and success of new products, especially the Service product, are driving significant cross-sell opportunities and increased average contract value, bolstering the company’s growth engine. The expansion into larger customer segments, with notable growth in $50k and $100k deals, further strengthens Monday.com’s enterprise expansion strategy, supporting Wood’s optimistic outlook.
According to TipRanks, Wood is a top 100 analyst with an average return of 17.6% and a 64.37% success rate. Wood covers the Technology sector, focusing on stocks such as Salesforce, Monday.com, and Samsara.
In another report released today, Bank of America Securities also maintained a Buy rating on the stock with a $370.00 price target.