Workday (WDAY) PT Raised to $270 at TD Cowen

TD Cowen analyst J. Derrick Wood raised the price target on Workday (NASDAQ: WDAY) to $270.00 (from $250.00) while maintaining a Outperform rating.

The analyst commented, "WDAY delivered its 5th consecutive backlog upside qtr and slightly raised FY24 guide. A lot of new strategies seeded over the last 18 months seem to be paying off, and it feels like recent new leadership is only helping to up-level this momentum. Strength is broad-based, but we see signs for FINS and Int'l growth trends to be strengthening. Shares at ~25x EV/CY24E FCF still attractive. PT to $270."

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