MNDY: Conversation with Platinum MNDY Partner Takeaways

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MNDY: Conversation with Platinum MNDY Partner Takeaways

Equity Research

Company Update — July 6, 2026

U.S. Software

Monday.com, Inc.

Conversation with Platinum MNDY Partner Takeaways Overweight

Price Target: $130.00

Our Call Ticker MNDY

Upside/(Downside) to Target 63.0%

We spoke with MNDY's largest global partner to discuss their pipeline, 2026 targets, and

2Q performance. Contact your Wells Fargo salesperson for replay details. Price (07/02/2026) $79.77

52 Week Range $57.50 - 315.00

2Q better than expects. Renewals drove the majority of revs in the quarter, and 2Q Market Cap (MM) $3,897

performance was better than expects. Partner noted MNDY started enforcing new users Enterprise Value (MM) $2,309

to buy AI credits starting in May (link; likely after an introductory period). The partner Average Daily Value (MM) $141

is still facing net new customer headwinds (less than 10% of his revs.) but feels better Dividend Yield 0.0%

about his business heading into the 2H. New in the quarter, more of his customers are also

buying additional AI credits (and trying Monday Agents). $ (Dec) Q1 Q2 Q3 Q4 FY

EPS

Figure 1 - Per our expert, customers continue to find Vibe as the most valuable AI 2026E 1.15 A 1.12 E 1.07 E 1.14 E 4.48 E

product within Monday. 2027E 1.19 E 1.17 E 1.37 E 1.39 E 5.12 E

Source: Company Data, Wells Fargo Securities estimates, and Factset.

NA = Not Available, NC = No Change, NE = No Estimate

Ryan MacWilliams, CFA

Equity Analyst | Wells Fargo Securities, LLC

Ryan.MacWilliams@wellsfargo.com | 212-214-1192

Zeeshan Rauf

Associate Equity Analyst | Wells Fargo Securities, LLC

Zeeshan.Rauf@wellsfargo.com | 212-214-1120

Chris Brazeau

Chris.Brazeau@wellsfargo.com | 929-767-5658

Cyrus Motakef

Cyrus.Motakef@wellsfargo.com | 212-214-3334

Source: Monday.com

Key commentary: