Workday (WDAY) PT Lowered to $304 at Bernstein

Bernstein SocGen Group analyst Mark Moerdler lowered the price target on Workday (NASDAQ: WDAY) to $304.00 (from $325.00) while maintaining an Outperform rating.

The analyst commented: "An okay quarter with steady growth and improving margins; Workday delivered an in-line quarter, beating slightly on subscription revenue and ~1pp on margins, but provided an unimpressive guidance, despite enthusiastic commentary for the 2H26. The stock was down ~4% in the aftermarket.

Investors have been looking for proof that growth would stabilize in the mid-teens and while Workday delivered an in-line quarter it needs to further validate that growth. Given the durability of the business, margin improvement and potential upside from AI, we continue to like the story. We lowered our price target from $325 to $304, as we lowered our target P/FE multiple from 28x to 25x, reflecting broader stepdown in peer group valuation."

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