Piper Jaffray Raises Price Target on Workday (WDAY) to $80.00 Following 2Q Report
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Piper Jaffray reiterated a Neutral rating on Workday (NYSE: WDAY), and raised the price target to $80.00 (from $74.00), following the company's 2Q earnings report. Total Revenues were $377.7 million, above consensus at $372.2 million. Billings totaled $430.8 million, versus consensus at $420.7 million.
Analyst Alex Zukin commented, "Workday reported 2Q17 results ahead of consensus expectations with billings growth of 38% vs. consensus of 34% and guided billings to $445 million vs. consensus of $439 million. Management was extremely bullish on 2H pipeline commentary, and while actual sales momentum in 2Q was in-line with expectations, this has yielded an acceleration in new ACV bookings growth and backlog growth well north of 50%. We continue to like the longer-term fundamentals, however, given the implied valuation of 9x CY17E revenues vs. peer group of 7x, we reiterate our Neutral rating and increase our price target from $74 to $80."
Shares of Workday closed at $79.65 yesterday.
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