Monday.com price target raised to $310 from $285 at Loop Capital

Loop Capital raised the firm’s price target on Monday.com (MNDY) to $310 from $285 and keeps a Buy rating on the shares following the company’s Elevate user conference. The management’s presentation validated the firm’s belief that Monday.com’s multi-product transition strategy continues to evolve as the firm makes good strides extending beyond its heritage in work management tools to new, adjacent use cases and that its emphasis on innovation remains a key focus and is resonating with customers, the analyst tells investors in a research note. The acquisition of competitor Smartsheet (SMAR) should also benefit Monday.com tactically and bring greater visibility of the opportunity to a broader investor audience, the firm added.