Monday.com selloff on EMEA fears overdone, says Jefferies

Jefferies analyst Brent Thill says shares of Monday.com (MNDY) are down 13% in last two days on fears of Europe, the Middle East and Africa weakness. After speaking to the company, the analyst believes the selloff is overdone. Management has consistently noted the “choppy macro” on earnings calls, and EMEA softness is part of that dynamic, the analyst tells investors in a research note. Jefferies still expects a slight Q4 beat, “as usual,” and rising estimates through fiscal 2025 on both Monday.com’s execution and a better macro environment. The stock’s valuation is “rich” but well below the company’s high-growth software peers, the firm contends. It keeps a Buy rating on Monday.com with a $350 price target