Workday (WDAY): Beat and Raise But Fully Valued - Cowen
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Cowen analyst, Derrick Wood, reiterated his Market Perform rating on shares of Workday (NYSE: WDAY) after the company reported sub billings ~$3 mln ahead of his $356 mln est. FY17 billings guidance was raised by $5 mln as reduced capex guidance helped offset FCF dilution from the Platfora acquisition. The mid-market seems to be the greatest area of strength w/ an increasing focus on ULTI/N.
The analyst thinks valuation looks full for mid-30% growth and mid single-digit FCF margins and raises the price target to 83 from $75.
Shares of Workday closed at $79.65 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Earnings
Related EntitiesCowen & Co, Definitive Agreement
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