UPDATE: Oppenheimer Reiterates Outperform Rating, Raises PT on Workday Following Excellent Quarter Report

In a report published Wednesday, Oppenheimer analyst Brian Schwartz reiterated an Outperform rating on

, and raised the price target from $80.00 to $85.00. In the report, Oppenheimer noted, “Workday reported another excellent quarter, highlighted by reaccelerating subscription revenue, total revenue and billings growth. Subscription revenue grew 92% y/y, or 4x faster than its SaaS peer group average with a similar run rate. Management also indicated the Financials product ‘is ready for primetime in the midmarket,' which aligns with our field work. Bottom Line: We remain bullish on WDAY and view the following company-specific trends as catalysts to fuel growth over the next 12-24 months: 1) the upcoming Workday Rising conference (with a record number of attendees/prospects); 2) release of Workday 20 with the big data product; 3) recruiting product release in 1H:FY15; 4) increasing Financials upmarket traction; and 5) International expansion. Reiterate Outperform; raise PT to $85 from $80.” Workday closed on Tuesday at $76.01.