DA Davidson Lowers monday.com (MNDY) Target After Google Search Changes Hit Growth

monday.com Ltd. (NASDAQ:MNDY) is one of the AI Stocks Investors Are Watching Closely. On August 12, DA Davidson analyst Lucky Schreiner lowered the price target on the stock to $275.00 (from $325.00) while maintaining a “Buy” rating.

The price target adjustment stems from weakness in net new demand from small anad medium-sized businesses (SMBs) as a result of changes to Google’s Search algorithm that affected customer acquisition.

“Monday.com reported a solid quarter with a slightly lower than typical beat driven primarily by weakness around net new demand from SMBs as a result of changes to Google’s Search algorithm."

A financial analyst working away on her laptop surrounded by financial reports and charts. "Guidance was raised less than the size of the beat though management remains optimistic about its multi-product opportunity and move upmarket. We view the reaction to results as excessive, maintain our BUY rating but lower our price target to $275.”

monday.com Ltd. (NASDAQ:MNDY) develops software applications globally, offering a cloud-based Work OS for creating work management tools.

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Disclosure: None.