Citi Research has identified monday.com (NASDAQ:MNDY) as its top pick in the back office software space following Q4 earnings, highlighting strong fundamentals and platform potential across the sector. Other names that made the updated Buy-rated list include Intuit (NASDAQ:INTU), Workiva (NYSE:WK), and Box (NYSE:BOX).
Investor sentiment during earnings season leaned defensive, but Citi analystsled by Steven Enderssaid their conversations with investor relations teams and recent analyst day events show no signs of a deteriorating demand environment, boosting confidence in Q1 expectations.
We are moving MNDY to our top pick, Enders noted, pointing to a compelling setup with the stock trading at 34x EV/FCF and the company targeting over 30% growth. He cited momentum in its WorkOS platform and new product contributions, along with a favorable competitive landscape. Citi maintained a Buy rating and raised its price target on monday.com to $410.
Intuit also remains a top name, supported by a strong Q4 and conservative guidance. Citi sees upside from its AI-assisted tax platform and assigns a $726 price target.
Citi is also bullish on Workiva, raising it to a top-three pick based on a stable core business, 20% subscription growth outlook, and long-term demand tied to regulatory reporting. The $130 price target reflects confidence despite ongoing ESG noise.
Box rounded out the list with a Buy rating and $39 target. Citi sees potential in Box's AI-driven platform evolution and considers the valuation attractive.
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