One of the top picks recommended by Wall Street analysts is project management software provider Monday.com (MNDY). The company recently impressed investors with its strong second-quarter results and raised full-year outlook. Notably, the number of paid customers with more than $100,000 in annual recurring revenue (ARR) increased by 49% to 1,009, showing strong demand from large customers. Analysts like TD Cowen’s Derrick Wood have raised their price targets for MNDY, with Wood setting a target of $300 from $275, demonstrating confidence in the stock’s performance. Wood highlighted the company’s success in moving up-market and winning large deals, indicating a positive trend for future growth.
CyberArk Software (CYBR)
Another tech company that analysts are bullish on is CyberArk Software (CYBR). The identity security company posted strong second-quarter results and raised its full-year outlook, citing durable demand for its platform. Baird analyst Shrenik Kothari, a top-ranked analyst, reaffirmed a buy rating on CYBR stock and raised his price target to $315 from $295. Kothari believes that the company’s workforce identity and machine identity solutions are driving growth and justifying its premium valuation compared to peers. The pending acquisition of Vanafi is expected to further enhance CyberArk’s position in the machine identity security market, according to Kothari.
T-Mobile US (TMUS)
T-Mobile US (TMUS) is the third stock pick recommended by analysts for long-term growth potential. The wireless network provider reported better-than-expected second-quarter results and raised its full-year guidance. Analyst Ivan Feinseth of Tigress Financial Partners reiterated a buy rating on TMUS stock and increased his price target to $235 from $205. Feinseth highlighted T-Mobile’s superior performance in customer additions and services revenue growth compared to industry peers. The company’s high-speed 5G network coverage and extensive reach are driving subscriber growth and increasing revenue and cash flow. Feinseth also pointed out T-Mobile’s strong shareholder returns, with $3 billion returned to shareholders in Q2 2024 through dividends and share repurchases.
These three stocks recommended by top Wall Street analysts – Monday.com (MNDY), CyberArk Software (CYBR), and T-Mobile US (TMUS) – show strong potential for long-term growth. Analysts like Derrick Wood, Shrenik Kothari, and Ivan Feinseth have conducted in-depth analyses of these companies and their future prospects, providing valuable insights for investors looking to make informed decisions. Consider adding these stocks to your portfolio for potential returns in the coming years.