One of the top stock picks favored by Wall Street analysts in July was project management software provider Monday.com (MNDY). The company impressed investors with its strong second-quarter results and raised full-year outlook, thanks to the high demand from large customers. This led TD Cowen analyst Derrick Wood to boost his firm’s price target for MNDY to $300 from $275 and maintain a buy rating, calling it a top pick. Wood highlighted the solid demand for Monday.com’s products among high-paying customers, with the company securing its largest deal ever with a multinational healthcare company. This deal is seen as proof that MNDY is successfully moving up-market and becoming more of a platform sale. The company expects its net dollar retention rate to remain stable at about 110% through fiscal 2024, with a modest upside by the end of the year. Wood’s track record ranks him No. 197 among more than 8,900 analysts tracked by TipRanks, with a success rate of 60%.
Another favored stock pick in July was CyberArk Software (CYBR), an identity security company that posted upbeat second-quarter results and raised its full-year outlook. Baird analyst Shrenik Kothari reaffirmed a buy rating on CYBR stock and raised the price target to $315 from $295. The strong net new annual recurring revenue (NNARR) in Q2, solid new business acquisitions, and expansion of business among existing customers were seen as the driving factors behind the positive outlook. Kothari believes that CYBR’s workforce identity and machine identity solutions are becoming major growth catalysts. The analyst’s optimism about the demand for CyberArk’s identity security solutions stems from an evolving threat landscape and robust profitability and free cash flow. Management’s pending acquisition of Vanafi is also expected to enhance CyberArk’s position in the machine identity security market. Kothari ranks No. 196 among more than 8,900 analysts tracked by TipRanks, with a success rate of 72%.
The third stock pick favored by analysts in July was wireless network provider T-Mobile US (TMUS). The company reported better-than-expected second-quarter results and raised its full-year guidance for postpaid net customer additions and cash flows. Tigress Financial Partners analyst Ivan Feinseth reiterated a buy rating on TMUS stock and increased the price target to $235 from $205. T-Mobile’s high-speed network and extensive 5G availability are driving subscriber growth and higher revenue and cash flow. Feinseth highlighted the company’s vast footprint, with its 5G network reaching 98% of Americans and its ultra capacity 5G network covering over 330 million people. The analyst expects T-Mobile to benefit from opportunities in fixed wireless access (FWA) and commended the company’s shareholder returns, with $3 billion returned to shareholders in Q2 2024 through dividends and share repurchases. Feinseth ranks No. 239 among more than 8,900 analysts tracked by TipRanks, with a success rate of 60%.
These three stocks were favored by top analysts in July due to their strong financial performance, positive outlook, and growth potential. Investors looking for promising investment opportunities may consider these stocks recommended by Wall Street analysts with a proven track record of success.
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