Workday Holds Potential to Reach Revised Targets Under New Management, RBC Says

MT Newswires Live12-19

Workday's (WDAY) recently revised targets probably underwhelmed investors, but the company has a "line-of-sight to achievement and could post upside with strong execution," RBC Capital Markets said in a note emailed Wednesday.

In understanding the revised targets, the brokage mentioned that the long-term targets were set by the previous management. The new management has refined its focus on sales schematics, partner enablement programs and new leadership at local and international levels.

The investment firm cautioned, however, that the "selling environment materially shifted" for the company.

"In Q1, sales cycles elongated and higher levels of scrutiny were applied. This was particularly sharp in Europe, which continues to have an incrementally worse macro," the note said.

RBC lifted its price target for Workday to $320 from $300, while keeping outperform rating.

Price: 278.79, Change: +0.78, Percent Change: +0.28

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