Cowen Reiterates Market Perform on Workday (WDAY) Ahead of 3Q Release
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Cowen reiterated a Market Perform rating and $83.00 price target on Workday (NYSE: WDAY) ahead of the company's 3Q earnings report. Cowen expects billings growth to remain in the 30%+ level and think WDAY can meet or slightly beat estimates. However, checks continue to suggest that more of the growth activity is taking place down market where longer-term model economics are not as favorable.
Analyst Derrick Wood commented, "WDAY reports 3Q on 12/1. Our checks point to relatively unchanged conditions, w/ incremental strength in mid-market activity offsetting a more competitive and slower growth trajectory w/ large enterprises. Meaningful new product catalysts don't appear to be taking shape up-market, whether Financials or Planning. Overall, we expect a relatively in-line qtr & view shares near fair valuation."
Shares of Workday closed at $83.18 yesterday.
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