Workday (WDAY): Beat and Raise But Fully Valued - Cowen
- Futures up as oil prices top $55
- Oil tops $55 for first time in 16 months as OPEC deal fuels buying
- Consolidated Communications (CNSL) to Acquire FairPoint Communications (FRP) in $1.5B Deal
- Wall St. stock futures fall after Italy referendum
- Burberry rejects multiple takeover offers from Coach: Financial Times
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Oppenheimer Cuts Price Target on Workday (WDAY) Following 3Q; Reiterates Outperform
- Brean Capital Cuts Price Target on G-III Apparel Group (GIII) Following 3Q Miss
- Street Watchdog Research Lowers Price Target on Dollar General (DG) to $55
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Earnings
Related EntitiesCowen & Co, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!