Monday.com Analysts Raise Their Forecasts After Upbeat Q2 Results

Monday.com Ltd MNDY reported better-than-expected earnings for its second quarter.

Monday.com reported second-quarter revenue growth of 42% Y/Y to $175.7 million, beating the consensus of $169.2 million. Non-GAAP EPS of $0.41 beat the consensus of 14 cents.

Monday.com raised 2023 revenue guidance to $713 million-$717 million (prior $702 million - $706 million) and consensus: $704.7 million.

Monday.com shares gained 8.5% to close at $169.11 on Monday.

These analysts made changes to their price targets on Monday.com following earnings announcement.

• Keybanc boosted the price target on Monday.com from $200 to $211. Keybanc analyst Jason Celino maintained an Overweight rating.
• Jefferies increased the price target on Monday.com from $150 to $180. Jefferies analyst Brent Thill maintained a Hold rating.
• TD Cowen increased Monday.com price target from $215 to $220. TD Cowen analyst J. Derrick Wood maintained an Outperform rating.
• Needham analyst Scott Berg, meanwhile, reiterated Monday.com with a Buy and maintained a $230 price target.

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