Cowen Cuts Price Target on Workday (WDAY) Following 3Q

Cowen maintained a Market Perform rating on Workday (NYSE: WDAY), and cut the price target to $73.00 (from $83.00), following the company's 3Q report. WDAY reported a modest 3Q billings beat. However, the slippage of several large deals that were planned to close in November led to a more cautious tone and modestly lowered outlook for 4Q.

Analyst Derrick Wood commented, "WDAY delivered modest 3Q upside, but early 4Q deal slippage due to Brexit/election factors led to a weaker guide. This could spook investors about 4Q risk for the broader space, but it may be company-specific (in-line with our view around risk of HCM saturation & lack of Financials inflection) or just one-off deals. Such uncertainty + weakening billings optics likely to keep shares pressured."

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 $81.60 yesterday.

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