Jefferies lowered the firm’s price target on Monday.com (MNDY) to $300 from $350 and keeps a Buy rating on the shares. The firm says that recent negative signals raised fears that FY25 revenue initial guide could miss consensus 26%+ and be as low as 22%-25%. The low end looks too pessimistic given 33%-35% growth in last Q4s plus more stable macro, 2024 price increase, add-on products, and enterprise expansion, Jefferies argues. The firm conservatively cuts to 23% from 26.8%. Monday.com remains one of the top fundamental companies in mid-cap, Jefferies adds.
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