KeyBanc analyst Jackson Ader downgraded Monday.com (MNDY) to Sector Weight from Overweight. The firm said that while it still likes the company and the asset, it’s just “too nervous” about the 2025 guidance. The analyst noted that KeyBanc disaggregated the contributions it felt were baked into 2025 consensus revenue estimates and, while things do not feel stretched, the firm didn’t walk away thinking 2025 was a “complete slam dunk.” The firm expects retention rates to improve next year and expects Salesforce (CRM) to continue its great run, but worries that those potential tailwinds will not be factored into a prudent guide next February.
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