Piper Jaffray Cuts Price Target on Workday (WDAY) to $74 Following 1Q Report

Piper Jaffray maintained a Neutral rating on Workday (NYSE: WDAY), and cut the price target to $74.00 (from $80.00), following the company's 1Q earnings report. Piper Jaffray believes that the company missed its internal bookings plan as a result of the sales reorganization that now has all reps carrying all products.

Analyst Alex Zukin commented, "Workday reported 1Q17 results ahead of consensus expectations with revenues +38% y/y, subscription revenues +39% and billings +37%. While the company beat across the board, a combination of a relatively weak new business quarter combined with premium valuation will likely pressure shares. We continue to think the long-term fundamentals remain solid. We reiterate our Neutral rating and decrease our price target from $80 to $74."

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 $75.84 yesterday.

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