UPDATE: Stephens Upgrades Cornerstone OnDemand to Overweight, Raises PT as Competition with Workday is Not Inhibiting Growth

In a report published Tuesday, Stephens analyst Alex Zukin upgraded the rating on

from Equal-Weight to Overweight, and raised the price target from $46.00 to $65.00. In the report, Stephens noted, “We are upgrading CSOD to an Overweight (Vol) rating from Equal-Weight (Vol) and raising our price target to $65.00 (was $46). We believe that competition with Workday while present is not inhibiting growth and that 40+% growth is sustainable over the next few years as a result of accelerating end-market demand, market leading product and favorable competitive environment. Cornerstone is the only pure-play public SaaS company focused inherently on the Talent Management portion of the HCM market and is well positioned for sustainable strong organic growth.” Cornerstone OnDemand closed on Monday at $47.81.