Monday.com has weathered the tightening economy well so far, JP Morgan said Monday, noting that software stock prices are a good entry point for long-term investors. Analyst Pinjarim Bora raised the stock to Overweight from Neutral and raised his price target by $10 to $140. This reflects his gain of 27.5% since Friday’s close. JP Morgan first underwrote software publisher coverage on a neutral basis in May, ahead of its second-quarter earnings. Bora was initially concerned about the impact of a deteriorating economic environment on stocks, but his recent performance has eased those concerns. “Combined with the relative resilience of our business in the face of a challenging macro environment and solid execution by management over the past two quarters, coupled with our share price approaching initial entry levels, we are now You can transition more comfortably, the overweight position,” Bora said in a note to clients. Monday.com, which debuted on the Nasdaq in June 2021, went public during the pandemic. , was part of a bevy of companies that are now being battered by a bear market. It is down 64.4% compared to the beginning of 2022, making it an “attractive entry point” for long-term investors, he said. Shares rose 8% on Monday. Bora said the company has not seen any gross churn or major downgrades in recent quarters, despite a relatively high proportion of small businesses as customers. He said it reinforces Monday.com’s claim that it has a strong value proposition, despite the fact that it has a strong value proposition. He also pointed to conversations with customers who indicated plans to do more work with the company, even as the broader industry expects lower demand amid a tightening economy. , said the company could grow by pioneering new operating system solutions for existing customers and releasing back-end engines that monetize its products and improve scalability. Compared to peers his Smartsheet and his Asana, Bora said his monday.com has the fastest revenue growth and “elite” margins in his profile. Bora doesn’t expect monday.com to be completely immune to the worsening economy, but said the company has “done an excellent job of navigating the environment so far.” Also, monday.com says Digital He is a “very solid company” responding to both the transformation and flexible working trends. — CNBC’s Michael Bloom contributed to this report.