Workday (WDAY) PT Raised to $290 at Mizuho Securities

Mizuho Securities analyst Siti Panigrahi raised the price target on Workday (NASDAQ: WDAY) to $290.00 (from $270.00) while maintaining a Buy rating.

The analyst commented, "Workday's FQ2 results reflected the eagerly awaited resumption of enterprise back-office spending, reversing last quarter's slight disappointment and pause in CY 2020. Billings growth of 30% Y/Y nicely exceeded consensus of 19% Y/Y with a strong pipeline across HCM and FINS. Aggressive hiring efforts remain in motion as well, with accelerated headcount additions in the back half of the year. On the whole, F2Q reinforced our conviction in Workday's prospects around re-prioritized digital transformations in 2H FY22 and beyond. Accordingly, we raise our estimates, reiterate our Buy rating and raise our price target to $290 (from $270). The company's Analyst Day on Sept 21 will likely be the next catalyst for WDAY shares."

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