Canaccord's Richard Davis raised Workday Inc WDAY's price objective from $75.00 to $85.00 while maintaining a Buy rating. The price target change came after the company announced earnings after Tuesday's close.
Davis was satisfied with Workday's earnings report and reaffirmed his favorable forecast for the company. The report was "about what we expected: solid print, but unlikely to meaningfully alter opinions" according to the analyst.
Additionally, the Cannacord analyst praised Workday's healthy customer additions during the quarter and increasing full year billings guidance. These improvements "point to sound momentum across products and geography."
Among Davis' few concerns were lack of margin improving plans and a push to implement work to ecosystem partners, which will have a slight drag on overall revenue growth."
Workday closed at $77.38, up 1.9 percent.
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