UPDATE: Morgan Stanley Initiates Workday at Equal-weight on Valuation

Morgan Stanley initiated coverage on Workday

with an Equal-weight rating. Morgan Stanley noted, "WDAY combines 20+ yrs. of technical advancement, the largest market in software- Enterprise Resource Mgmt (ERM) -and a team that has created billions in value to form one of the best early stories we have seen. At 14x CY14 rev, WDAY reflects the positives, though, and we look for a better entry." Workday closed at $49.88 on Monday.