Morgan Stanley Sees Good Long-Term Outlook for Workday

In a report published Thursday, Morgan Stanley analyst Jennifer Swanson Lowe reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “Workday exited FY14 on a high note as the company beat consensus estimates on all key metrics. Total rev. of $142M was ahead of us/cons. at $137/138M, while billings at $204M was +78% and also well ahead of us/cons. at $178M. Strong billings helped cash flow with cash from operations coming in at $35M, substantially ahead of our estimate of $1.1M. New customer adds were healthy with total customer count up ~50% YoY, while hiring was also on pace and headcount grew ~50% YoY as well.” Workday closed on Wednesday at $100.28.