Oppenheimer Raises price Target on Workday (WDAY) to $100 Following Customer Checks
- Wall Street gains, helped by oil, economic data
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- Unusual 11 Mid-Day Movers 12/5: (NVCN) (BCEI) (MEMP) Higher; (GTXI) (CERC) (HDSN) Lower
- Oil hits 16-month high in buying rush after OPEC agreement
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- KLR Group Raises Price Target on PDC Energy (PDCE) to $90
- Cowen Cuts Price Target on Workday (WDAY) Following 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!