Workiva (WK) PT Lowered to $127 at BMO Capital

BMO Capital analyst Daniel Jester lowered the price target on Workiva (NYSE: WK) to $127.00 (from $135.00) while maintaining an Outperform rating following results.

The analyst commented, "Incremental costs in building out the ESG platform and go-to-market capability are squeezing margins in FY22. These are likely necessary costs to address the emerging >$3B ESG reporting opportunity and our longer-term favorable view on the stock. Yet in the current trading environment margins matter, and we anticipate the stock will be pressured in the near term as these investments ramp. Favorable commentary around ESG demand provides some comfort that pending acceleration can offset perceived moderation elsewhere in the portfolio and still drive 20-25%+ growth."

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