Drexel Hamilton Raises PT on Workday (WDAY)

Drexel Hamilton analyst, Brian White, raised the PT on Buy-rated Workday (NYSE: WDAY) to $103 from $90 on the belief that Workday's Financial Management business is at an inflection point, while the company's portfolio expansion is growing its TAM, overseas expansion represents a big growth opportunity, and enterprises are more aggressively embracing the cloud.

Workday estimates its total addressable market at over $60 billion, placing the company at under 2% market share based on CY:15 sales. If Workday expands its portfolio even further in the future, the company can better address the enterprise applications market of $150 billion.

The Financials market is estimated by Workday to hold a >$26 billion TAM vs. a >$12 billion TAM for HCM.

No new additional information was in the note regarding overseas expansion or enterprise focus on the cloud.

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 $82.70 yesterday.

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