The firm also lowered its price target to $3 from $4 on shares of the Weston, MA-based job search platform.
"We continue to be concerned with the overall U.S. hiring rate in 2Q16 (despite the apparent rebound in June) and expectations for this to continue into 3Q16," BMO wrote in an analyst note.
Additionally, Monster has sizeable U.K. and European exposure relative to most of the other U.S.-centric staffing names the firm covers.
"The company generated 29% of its 2015 revenues outside the U.S., and we believe a sizeable portion of those were from U.K./Europe, where Brexit poses a greater risk," BMO noted.
The firm also does not see a near-term catalyst to move the company in the right direction.
Shares of Monster closed at $2.61 on Friday.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+ on the stock.
The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, unimpressive growth in net income, weak operating cash flow and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MWW