Citi Research has identified monday.com (MNDY, Financial) 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 (INTU, Financial), Workiva (WK, Financial), and Box (BOX, Financial).
Investor sentiment during earnings season leaned defensive, but Citi analysts—led by Steven Enders—said 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.
