Cantor Fitzgerald Starts Workday (WDAY) at Buy

Cantor Fitzgerald initiates coverage on Workday (NYSE: WDAY) with a Buy rating and a price target of $108.00.

Analyst Brian J. White said, "We believe Workday represents one of the best next-generation cloud plays and has the potential to become a sizeable company over the next decade. IDC estimates the SaaS market was $33.1 billion in 2013 and is projected to reach $82.7 billion in 2018 for a 20% CAGR. Workday has been growing even faster, increasing revenue by 218% per annum over the past six calendar years, and we are forecasting 59% sales growth in FY:15. Given the massive ERP application implementations ahead of Y2K and enterprises now pushing aggressively into the cloud, we believe Workday has an opportunity to capitalize on this refresh cycle."

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 $85.87 yesterday.

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