Oppenheimer Raises price Target on Workday (WDAY) to $100 Following Customer Checks
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Oppenheimer reiterated an Outperform rating on Workday (NYSE: WDAY), and raised the price target to $100.00 (from $90.00), following customer checks. Of customers surveyed, ~52% are live, in implementation, or plan to review or purchase Workday Financials over the next three years vs. 74% and 52% in the 2015 and 2013 surveys.
Analyst Brian Schwartz commented, "Since 2013 (ex-2014), we have interviewed customers at Workday's Rising conference for checks, and to assess medium-term Workday Financials demand. Our analysis from this year's survey tells us three things: First, we came away feeling increasingly comfortable with Workday's current business momentum and are optimistic about bookings and growth trends and see low estimate risks; 2) the HCM business remains robust with signs of good big deals traction, which carries positive implications for future growth; and 3) SaaS demand for enterprise financials is still facing numerous adoption headwinds that will take time to resolve. Bottom Line: Workday remains a top 2016 pick given that most investors and sell-side analysts are negative yet our customer checks lend support to our improving business story/ thesis. Raise target to $100 from $90."
Shares of Workday closed at $90.36 yesterday.
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