Piper Sandler downgraded Workday (WDAY) to Underweight from Neutral with a price target of $235, down from $255. Piper’s latest chief investment officer survey reinforced a “bullish spending backdrop” for artificial infrastructure and “elevating risks” to the broader application category. The number of CIOs expecting an AI drag on headcount surpassed 50% for the first time, the analyst tells investors in a research note. The firm believes per employee pricing risk coupled along with “eroding appetite” to invest materially in applications could further pressure growth at Workday.
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