Shares of Monday.com Ltd. (NASDAQ: MNDY) surged 6.74% in pre-market trading on Monday, as investors eagerly await the company's first-quarter earnings report scheduled for release before the opening bell. The cloud-based work management platform provider is expected to showcase continued growth, fueling optimism among market participants.

Analysts project Monday.com to report quarterly earnings of 70 cents per share, up from 61 cents per share in the year-ago period. The company's revenue is anticipated to reach $275.96 million, representing a significant increase from $216.91 million reported a year earlier. These projections suggest strong financial performance, which may be driving the pre-market rally.

Adding to the positive sentiment, several Wall Street analysts have recently reaffirmed their bullish stance on Monday.com. Despite some price target adjustments, the overall outlook remains optimistic. Notable ratings include Piper Sandler's Overweight rating, Jefferies' Buy rating, and Tigress Financial's Buy rating with an increased price target of $450. The company's strong performance in the previous quarter, where it beat revenue estimates with 32% year-on-year growth, further bolsters investor confidence ahead of the Q1 results.