Wedbush Remains Sidelined Ahead of Workday's (WDAY) 4Q; Expects In-Line Results

Wedbush maintained a Neutral rating on Workday (NYSE: WDAY), and cut the price target to $63.00 (from $84.00), ahead of the company's 4Q earnings report. Wedbush is expecting WDAY to report reletively in-line results. WDAY will announce 4Q results after the market close on Monday, February 29th.

Analyst Steve Koenig commented, "Our revenue estimate of $322M is ahead of consensus of $320M and guidance of $317M - $320M, and our EPS estimate of ($0.03) is a penny above consensus of ($0.04). Depending on the timing of large deals, we believe revenue could skew to the upside of our estimates. We forecast subscription revenue growth of 45% Y/Y, above guidance of 43% - 44%, and billings growth of 40% Y/Y, above guidance of 36% - 37%."

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 $57.56 yesterday.

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