Oppenheimer Raises price Target on Workday (WDAY) to $100 Following Customer Checks

September 30, 2016 10:11 AM EDT
Get Alerts WDAY Hot Sheet
Price: $88.54 +0.07%

Rating Summary:
    18 Buy, 27 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 26 | Down: 29 | New: 38
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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."

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 $90.36 yesterday.

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