UPDATE: Jefferies Initiates Coverage on Workday with Buy Rating, $76 PT on Expected Continued Growth

In a report published Friday, Jefferies analyst Ross MacMillan initiated coverage on Workday WDAY with a Buy rating and $76.00 price target. In the report, MacMillan noted, “We initiate coverage with a Buy rating and a $76 price target on Workday. We expect Workday to maintain high rates of growth and drive market share gains in the large Enterprise Resource Management and Financial Management solutions markets. Workday's software-as-a-service delivery model, object-oriented framework, in-memory architecture and easy-to-use interface represent significant improvements over legacy solutions.” Workday closed on Thursday at $59.06.