Market Overview

UPDATE: Citigroup Initiates Workday at Neutral on Software-as-a-Service Competition Outlook

Share:
Related
CNBC's Stock Pops & Drops From February 26
Workday Beats Expectations: Wall Street Opinions Are Mixed
Notable tech gainers/decliners: WDAY, TSRA, CYBR, WUBA, VMEM (Seeking Alpha)

Citigroup initiated coverage on Workday (NYSE: WDAY) with a Neutral rating and a $58.00 price target.

Citigroup noted, "As compared to “edge” applications such as CRM, talent management and collaboration that have seen significant SaaS uptake, HCM (part of ERP) buyers are more conservative as installations are mission critical and complex, requiring challengers to unseat entrenched incumbents. Also, unlike the time when salesforce.com gained meaningful share of CRM (2005-2011), Oracle now has a SaaS offering (Fusion) that can, at a minimum, slow down sales cycles. Also, we suspect SAP is investing heavily here, but today has little to show in the way of core SaaS HCM offering."

Workday closed at $52.61 on Monday.

Latest Ratings for WDAY

DateFirmActionFromTo
Feb 2015JP MorganMaintainsNeutral
Feb 2015NomuraMaintainsNeutral
Feb 2015JefferiesMaintainsHold

View More Analyst Ratings for WDAY
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Initiation Analyst Ratings

 

Related Articles (WDAY)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Our Experts vs. S&P 500Powered by Benzinga
Marketfy Products Return S&P 500
Morning Profit Maker 42.72% 6.69%
The Option Prophet 91.14% 6.69%
SecretCaps 26.55% 6.69%
Short-Term Trend Trading 11.89% 6.69%
View the highest rated products→