Needham lowered the firm’s price target on Workday (WDAY) to $180 from $300 and keeps a Buy rating on the shares. The company reported decent upside to consensus estimates on both revenue and operating income, with sales better than our cautious preview, but the post-earnings gain in shares feels more like a relief rally against a low bar, the analyst tells investors in a research note. Workday also only reiterated its full year revenue guide, resulting in a 40bp decline to the firm’s second half revenue forecast, Needham added.
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