UPDATE: Goldman Sachs Initiates Workday at Neutral on Valuation
Goldman Sachs initiated coverage on Workday (NYSE: WDAY) with a Neutral rating and a $43 price target.
Goldman Sachs commented, "We view Workday as a dominant player in the fast growing SaaS landscape with an end market that is ripe for change as customers migrate off of legacy systems. However, while we are very optimistic on Workday's competitive positioning, and despite growing billings at a premium to its peers, we believe the shares offer limited upside near term given valuation. WDAY trades at 21X CY2013 EV/sales vs. its SaaS peer group at 8X and its disruptive technology peer group at 10X. It trades at 17X CY2013 EV/billings compared to its SaaS peers at 7X."
Workday closed at $49.88 on Monday.
Latest Ratings for WDAY
|Apr 2017||Credit Suisse||Initiates Coverage On||Neutral|
|Apr 2017||Benchmark||Initiates Coverage On||Hold|
|Mar 2017||Bank of America||Initiates Coverage On||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.