Workday downgraded to In Line from Outperform at Evercore ISI

Evercore ISI downgraded Workday (WDAY) to In Line from Outperform with a price target of $160, down from $200. The company reported inline Q4 results, but with a new CEO, an agentic strategy “in the early innings,” and a lowered fiscal 2027 revenue outlook, the investment narrative is unlikely to move in a more positive direction in the immediate near-term, the analyst tells investors in a research note. The firm says “seeing will be believing in terms of adoption/consumption” for Workday’s agentic strategy. Evercore believes Workday shares lack near-term catalysts.