Workday (WDAY) PT Raised to $160 at Cowen

Cowen analyst J. Derrick Wood raised the price target on Workday (NASDAQ: WDAY) to $160.00 (from $145.00) while maintaining a Market Perform rating.

Wood commented, "Consistent with our preview, WDAY reported a solid qtr with est. ST sub billings growth of 43% coming in ahead of our 34% estimate. The qtr benefited from some deals pulling in from 4Q to 3Q, but 4Q billings guidance was in-line with consensus. We continue to believe WDAY's growth momentum is seeing some improvements but at >10x EV/CY19E Sales we feel its mostly priced in"

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