Cowen Downgrades Workday (WDAY) to Market Perform

(updating comment)

Cowen analyst J. Derrick Wood downgraded Workday (NASDAQ: WDAY) from Outperform to Market Perform with a price target of $160.00 (from $220.00).

The analyst comments "We see WDAY carrying outsized disruption risk to its growth trajectory given 1) heavy reliance on new customer bookings; 2) heightened delays in ERP/HCM projects; and 3) potential for a "true-down" cycle. At ~7x EV/CY21E Sales w/ our new forecast of mid-teens growth the next 2 yrs, shares likely to be range-bound."

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 $143.60 yesterday.

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