Workday (WDAY): Beat and Raise But Fully Valued - Cowen

August 25, 2016 7:51 AM EDT
Get Alerts WDAY Hot Sheet
Price: $88.92 +0.50%

Rating Summary:
    18 Buy, 27 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 25 | Down: 28 | New: 31
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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.

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 $79.65 yesterday.

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