UPDATE: D.A. Davidson & Co. Initiates Coverage On Workday On Valuation

In a report published Wednesday, D.A. Davidson & Co. analyst Jack Andrews initiated coverage on

with a Neutral rating and $89.00 price target. In the report, D.A. Davidson & Co. noted, “Next generation enterprise application cloud computing leader. Workday is a software-as-a-service (SaaS) based enterprise application vendor. The company's value proposition of better functionality at lower costs, built on a flexible, scalable architecture has led to both industry-leading growth and valuation metrics.” Workday closed on Tuesday at $90.63.