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UPDATE: Wedbush Initiates Workday with Outperform on Cloud Computing Potential

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In a report published Wednesday, Wedbush analyst Steve Koenig initiated coverage on Workday (NYSE: WDAY) with an Outperform rating and $76.00 price target.

In the report, Koenig noted, “WDAY is a play on the potential for cloud computing to fundamentally remake the $25B enterprise resource planning (ERP) market, just as it has disrupted the $13B customer relationship management (CRM) market. Our checks indicate significant interest in SaaS ERP from enterprises saddled with expensive on-premise systems that are costly to maintain and update, and which are based on products that are no longer considered strategic, go-to-market offerings by their vendors.”

Workday closed on Tuesday at $60.00.

Latest Ratings for WDAY

DateFirmActionFromTo
Apr 2017Credit SuisseInitiates Coverage OnNeutral
Apr 2017BenchmarkInitiates Coverage OnHold
Mar 2017Bank of AmericaInitiates Coverage OnBuy

View More Analyst Ratings for WDAY
View the Latest Analyst Ratings

Posted-In: WedbushAnalyst Color Initiation Analyst Ratings

 

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