Stifel analyst Brad Reback lowered the firm’s price target on Workday (WDAY) to $235 from $255 and keeps a Hold rating on the shares. Workday delivered a modest topline beat and FY26 guidance was raised partially due to the Sana acquisition, but absent this, Q4 subscription revenue expectations would have been unchanged from last quarter. Given this and the fact that Q4 cRPO guidance implies continued deceleration in the organic cRPO growth, it does not appear that the underlying momentum of the business is showing any signs of stabilization, the analyst argues.
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