The financial numbers the company presented, according to the firm, represents a broader strategy at work. The firm said it is impressed with this. BTIG is of the view that the planning aspect of the company is an example of a true platform strategy — it unifies two interdependent products in core HCM and financials. Accordingly, the firm believes the company is executing on a ladder-up strategy, transforming itself into the central repository for mission critical data.
However, BTIG believes the long implementation process is a negative. The firm also noted that the company is committed to its operating margin target, with its financial model intact. The company has a $97 price target for the shares of the company.
At time of publication, Workday was down 0.18 percent at $89.63 following an early-morning run upward.
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