Oppenheimer lowered the firm’s price target on Workday (WDAY) to $165 from $200 and keeps an Outperform rating on the shares following quarterly results. The firm cites lower estimates and software group multiples. While Workday’s lower financial outlook and leadership transitions will weigh on the shares near term and push a better Workday story to 2027, Oppenheimer remains bullish on valuation.
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