Deutsche Bank Comments Positively on Workday (WDAY)

Deutsche Bank analyst Brad Zelnick reiterated a Hold rating and $300.00 price target on Workday (NASDAQ: WDAY).

The analyst comments "We're expecting healthy F4Q results, very likely overachieving expected 12-mos Backlog growth of ~19% y/y, as our partner checks noticeably up-ticked from F3Q. From the field, we are hearing of healthy ME (Medium Enterprise) demand, much of which is purely incremental for Workday, in some cases winning accounts with as few as 500 employees or less. Our checks suggest a meaningful increase in overall deal activity with customers (not Workday) looking to add functionality and co-term existing contracts, which is an overall good sign and should benefit backlog. We picked up incremental traction with Workday's FINS dedicated sales efforts, with multiple partners mirroring this in their own organizations, and we are also hearing of an uptick in International deal activity. Bottom line, we attribute what sounds like a strong F4Q close to strong execution under the leadership of now sole CEO Carl Eschenbach (as of Feb 1)."

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 $302.67 yesterday.

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