Workday (WDAY) Price Target Raised to $106 at Wedbush (Earlier)

Wedbush maintained an Outperform rating on Workday (NYSE: WDAY) and raised its price target to $106.00 (from $96.00). Comments follow Q2 results. Analyst Steve Koenig said the company showed now signs of slowing.

"The company raised its full-year revenue range by $20M - $30M (its biggest raise yet), and guided ahead of 3Q top and bottom-line expectations. We see more room for a raise after the 3Q, but perhaps not as big as the 2Q increase, as full-year visibility has improved and large deals will likely be weighted more towards 4Q than 3Q," said Koenig.

"We see several catalysts for WDAY shares: (1) WDAY will be making some “really important product announcement” at its Workday Rising customer conference on November 3rd – 6th concerning its Big Data offerings, and we suspect lots of enhancements to its HR and financials offerings too; and (2) we expect the company’s revenue and billings momentum will continue to be strong – based on our checks with integrators – and its strong execution capabilities (with few moving parts) should result in more positive earnings surprises and continuing upward revisions to estimates in 3Q and beyond," he added.

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 $90.30 yesterday.

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