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Human capital management software provider Workday Inc (NYSE:WDAY) sentiment could not be more bullish, according to Citigroup. It appears the firm is taking a contrarian view on the company however, reiterating a Sell rating.
Bullish Sentiment Remains, But Citi Stays At Sell
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“Workday is back to consensus long status among analysts and hyper-growth names driven by excitement around several large financial customers and acceleration in human cost management opportunity,” according to a recent Citi note.
Despite the positive outlook, it is likely that these deals are priced into the stock.
“Even if WDAY announces big customer wins this Q, they are highly unlikely to impact 1Q18 billings given likely favorable deal terms and ramp time,” said Citi analyst Walter Pritchard.
Competition among Workday’s peers is getting fierce, especially from Oracle Corporation (NYSE:ORCL) and SAP SE (ADR) (NYSE:SAP) defending their customer base with cloud products.
Citi’s first-quarter 2018 billings estimate of $434 million is far below Wall Street consensus estimates of $459 million.
Citi reiterated its Sell rating on Workday, which is up 51 percent year to date.
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The Top 11 Analysts On TipRanks And What They CoverCrypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.