In a report published Friday, Canaccord Genuity reiterated its Buy rating on Workday WDAY, and raised its price target from $60.00 to $70.00.
Canaccord Genuity noted, “We believe Workday is exceptionally well-positioned to disrupt and capture market share in several segments of the HR and broader ERP segments of the software industry. We suggest that investors own at least a starter position in WDAY and hope for an exogenous stock market shock to create an opportunity to fill out a full position. The company's above-consensus Q4/13 results and management's opinion of its calendar 2013 outlook reinforce our point of view.”
Workday closed on Thursday at $61.63.
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