UPDATE: JP Morgan Raises PT to $56 on Workday on Strong Quarter Results

JP Morgan reiterated its Neutral rating on Workday WDAY but raised its price target from $54 to $56. JP Morgan said, "WDAY reported very strong results in its first quarter as a public company, with growth accelerating from the prior period. All metrics were better than anticipated except for deferred revenue, which was about in line, though this would also have been better than estimated but for a purposely reduced average billings period." Workday closed at $53.19 on Wednesday.