UPDATE: Cowen Starts Workday (WDAY) at Outperform

(Updated - January 23, 2015 9:56 AM EST)

Cowen initiated coverage on Workday (NYSE: WDAY) with an Outperform rating and a price target of $99.00. Analyst Jesse Hulsing expects market-leading growth to continue.

"Near term, broadening distribution & cloud friendly end-markets should help sustain current billings growth north of 40% through F2017. Long term, WDAY should benefit from IT dollars shifting to the app layer and emerging growth drivers in analytics and Intelligent SaaS. Our price target is $99, based on a DCF reflecting a current billings CAGR of 36% through F2020," said Hulsing.

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 $80.39 yesterday.

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