Market Overview

UPDATE: Piper Jaffray Raises PT on Workday on Company's Multi-Year Growth Opportunity

Share:

In a report published on Wednesday, JP Morgan analyst Mark Murphy raised the price target on Workday (NYSE: WDAY) from $51.00 to $60.00, and maintained a Neutral rating.

In the report, JP Morgan noted, "We spoke with a couple of contacts in the Workday ecosystem and walk away with consistent conviction in the company's multi-year growth opportunity. The most important feedback is that WDAY is outpacing the entire HR industry with its pace of product development. A key partner stated that he has never seen one product stay ahead of the market and with less competition for as long as Workday has. The rapid pace of development causes our contacts to believe that WDAY will eventually close the functionality gap with software mega vendors, even in Financials. One of our contacts highlighted that two US states are working through RFPs for Workday. While we believe that Workday is at the confluence of a powerful cloud movement and ageing ERP systems ripe for replacement, we continue to struggle with the valuation at 28x EV/FTM revenue."

Workday closed at $68.49 on Tuesday.

Posted-In: JP Morgan Mark MurphyAnalyst Color Price Target Analyst Ratings

 

Related Articles (WDAY)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
IPARDA DavidsonMaintains76.0
BSBRUBSUpgrades
TGTMorgan StanleyMaintains130.0
VCMorgan StanleyMaintains52.0
URBNMorgan StanleyMaintains32.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Technical Forecast for RBOB

Fox's New Reality Show Helps Everyday People Fire Their Co-Workers