BTIG lowered the firm’s price target on Workday (WDAY) to $230 from $285 and keeps a Buy rating on the shares after the board appointed Aneel Bhusri, co-founder and Executive Chair, as CEO to replace Carl Eschenbach, who is stepping down as CEO and a member of Workday’s board. While Bhusri’s accelerated AI strategy may warrant increased investment, the firm believes “the timing is ideal for Workday’s product-focused co-founder to retake the CEO helm” and remains constructive on his ability to navigate the evolving AI landscape, the analyst tells investors.
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