Cowen Remains Sidelined on Workday (WDAY) Following Analyst Day

Cowen reiterated a Market Perform rating and $100.00 price target on Workday (NASDAQ: WDAY) following the company's analyst day. The analyst meeting focused on discussing business momentum across existing product segments as well as new product focus including PaaS and Analytics.

Overall, based on partner conversations, Cowen believes that WDAY's HCM business is tracking healthily, aided by more focus in less penetrated mid-market and international regions, but analyst Derrick Wood thinks adoption of Financials within large enterprises remains an uphill battle. WDAY lifted its long-term op margin target from ~20% to ~25%.

For an analyst ratings summary and ratings history on Workday click here. For more ratings news on Workday click here.

Shares of Workday closed at $108.31 yesterday.

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