Needham & Company reiterated a Buy rating and $107.00 price target on Workday (NYSE: WDAY) following recent industry checks. The checks highlighted WDAY's continued sales strength, and suggested that the company will likely report 2Q billings above its guidance range. The checks also continue to detail incremental improvements in WDAY’s ability to sell its Financials suite over the past year.

Analyst Scott Berg commented, "We recently conducted a round of HR industry checks that highlight HR continues to execute well in a space benefitting from the secular demand of customers migrating to Cloud-based HRMS systems. Our checks highlighted WDAY's continued sales strength, especially competitively with SAP, and suggest the company will likely report 2Q billings above its guidance range. We continue to recommend WDAY's stock, especially if traction in the company's Financials suite is building as our checks suggest."

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Shares of Workday closed at $84.80 yesterday.