Workday (WDAY): Reiterating Hold After Annual Conference - Needham
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Needham & Company analyst, Scott Berg, reiterated his Hold rating on shares of Workday (NYSE: WDAY) after speaking with roughly two dozen partners and customers at the company's annual conference, Rising. The analyst believes Financials lag expectations, limiting near-term billings upside relative to its high valuation.
Key takeaways include:
1) Slightly more favorable HCM demand trends in the large enterprise
2) Partners remain cautious on Financials traction as feedback was mixed on larger customers' current lack of willingness to adopt any Cloud financials platform
3)The show was light on new product roadmap announcements, but we really like the new analytics vision
4) We believe the formal release of the new Student platform can drive incremental bookings and the new Planning module could be the driver that accelerates Financials sales
5) Infrastructure changes should expand GMs.
The analyst does not have a published price target for the company.
Shares of Workday closed at $89.79 yesterday.
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