Monday.com rises after narrower-than-expected Q3 loss; brokerages raise PTs
11/11/2021 13:44
** Shares of Israeli work management co MNDY.O gain 8% at
$378.6 a day after company posts Q3 results
** Firm posts smaller-than-expected loss of 26 cents per
share versus est. loss of 60 cents per share - Refinitiv data
** At least five brokerages raise stock's PTs
** "We remain bullish on Monday's product, vision, secular
opportunity," says Barclays, raising PT to $335 from $295; says
MNDY is among fastest growing software cos
** MNDY is set up well into next year given strengthening
enterprise motions, aggressive marketing, strong product
innovation differentiating it from competitors - Cowen, raising
PT to $450 from $410
** However, shares had their worst session ever on Wednesday
when it posted results, which Cowen says is due to "strong
run-up into the print, paired with a day of a broad and sharp
sell-off across the sector"; brokerage views this as buying
opportunity
** Stock up over 144% from its IPO price in June
(Reporting by Anisha Sircar in Bengaluru)
((Anisha.Sircar@thomsonreuters.com;))