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Needham & Company Starts Workday (WDAY) at Buy

May 19, 2015 5:31 PM EDT
Get Alerts WDAY Hot Sheet
Price: $272.75 -0.32%

Rating Summary:
    36 Buy, 23 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Needham & Company initiates coverage on Workday (NYSE: WDAY) with a Buy rating and a price target of $107.00. Analyst Scott Berg made note of solid execution.

"In general, we believe WDAY has the combination that growth investors seek: large market, well positioned product versus industry megatrends, and a financial model that yields significant revenue visibility. We believe the presence of all these factors currently drives a high revenue growth rate. Although we believe the company's current valuation assumes almost flawless near-term sales execution to further expand its valuation multiples, we believe its execution within a HCM market exhibiting high demand creates a positive risk/reward scenario for investors in the near term even though sales of the company's Financials platform remain limited."

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 $91.90 yesterday.



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