Workday (WDAY): 2Q Preview - Cowen
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Cowen analyst, Derrick Wood, reiterated his Market Perform on shares of Workday (NYSE: WDAY) ahead of 2Q results on 8/24.
The analyst expects in-line to modest upside to the analyst's ST subscription billings growth of 37%. The analyst thinks large deal activity in HCM has been relatively steady vs. the last couple of quarters and checks continue to point to limited enterprise traction with Financials outside of the Education vertical.
At ~8x EV/CY17 Sales, the analyst thinks the stock seems fully valued.
No change to the price target of $75.
Shares of Workday closed at $81.37 yesterday.
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