Monday.com Ltd. (MNDY) shares plummeted 5.05% during intraday trading on Tuesday, following a series of analyst price target reductions that weighed on investor sentiment.
The stock decline came after several Wall Street firms revised their outlooks on the work management software provider. UBS lowered its price target on Monday.com to $85 from $93 while maintaining a Neutral rating, citing the company's "healthy" Q1 performance but adjusting expectations. Separately, BTIG cut its target price to $115 from $135, and Canaccord Genuity reduced its target to $115 from $140 while maintaining a Buy rating on the shares.
These downward revisions from multiple analysts created selling pressure on the stock during the trading session, as investors reassessed the company's valuation prospects amid changing market conditions in the technology sector.
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