Monday.com Beats On Q2, Loses Some Analyst Love As Growth Slows

Shares of Monday.com Ltd (NASDAQ: MNDY ) edged lower in early trading on Tuesday, after the company reported its second-quarter results. Here are the key analyst takeaways: Cantor Fitzgerald analyst Thomas Blakey downgraded the rating from Overweight to Neutral, while cutting the price target from $112 to $90. DA Davidson analyst Lucky Schreiner reaffirmed a Buy rating and price target of $100. BTIG analyst Allan Verkhovski reiterated a Buy rating and price target of $105. Check out other analyst stock ratings. Cantor Fitzgerald: Monday.com’s revenue grew 22% year-on-year to $364.6 million and non-GAAP operating income came in at $61.1 million, with both figures topping estimates of $355.6 million and $46.6 million, respectively, Blakey said in the downgrade note. He added, however, that total NNARR (net new annual recurring revenue) fell both sequentially and year-on-year. The newer-...