Cowen Remains Bullish Following Workday (WDAY) Q1 Results

Cowen maintains an Outperform rating on Workday (NYSE: WDAY), and cuts the price target to $101.00 (from $111.00), following Q1 results. WDAY reported Q1 revenue of $251m, compared to consensus estimates of $245m. Billings were reported at $271.6m vs. $261m consensus. Workday guided Q2 billings to $295m (up 8% q/q vs last years q/q average of +11%).

Analyst Jesse Hulsing commented on WDAY, saying, "Q1 showed upside to ests, but billings were lighter than expected. This is somewhat concerning (though not out of the ordinary for a Q1). We are, however, encouraged by the trend toward larger, blue chip HCM custs (Coca Cola, etc.) and a more bullish tone regarding the financials pipeline. PT to $101 and view the low $80s as attractive entry point, as we expect growth to improve moving forward."

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 $92.49 yesterday.

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