Jefferies Raises Price Target on Workday (WDAY) to $72 Following Mixed 2Q

August 25, 2016 8:13 AM EDT
Get Alerts WDAY Hot Sheet
Price: $71.40 -12.5%

Rating Summary:
    18 Buy, 26 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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Jefferies reiterated a Hold rating on Workday (NYSE: WDAY), and raised the price target to $72.00 (from $68.00), following the company's 2Q earnings report. Non-GAAP EPS of ($0.04) was below consensus of ($0.02) due to a one-time write-off which impacted EPS by $0.07. Total revenues of $377.7M were better than consensus estimates of $372.7M.

Analyst John DiFucci commented, "By just about all accounts, Workday reported a strong Q, growing New Subscription ACV (Annual Contract Value) off a much more difficult comp than the prior period. It added some marquee names to its customer list, including IBM (previously announced) and Samsung, and metrics around financials were promising. Management said things would get better at the end of last year even with results that were questionable (in our opinion) – and it appears to have."

For an analyst ratings summary and ratings history on Workday click here. For more ratings news on Workday click here.

Shares of Workday closed at $79.65 yesterday.

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