Drexel Hamilton Raises price Target on Workday (WDAY) to $92 Following 1Q Beat

Drexel Hamilton reiterated a Buy rating on Workday (NYSE: WDAY), and raised the price target to $92.00 (from $88.00), following the company's 1Q earnings report. Workday reported sales of $345.4 million ahead of the Street's $338.8 million estimate. Pro forma EPS of positive $0.05 was well above the Street's loss per share of $0.02.

Analyst Brian White commented, "In light of another strong performance from Workday, we are raising our estimates and increasing our 12-month price target to $92.00 from $88.00. Similar to other high-growth companies in our coverage universe, Workday is still down on the year (down 5% YTD) but we believe will enter positive territory over the summer on strong fundamental trends."

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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