Wells Fargo lowered the firm’s price target on Workday (WDAY) to $290 from $300 and keeps an Overweight rating on the shares. The firm notes Q3 results were mostly as-expected, though growth metrics remains a touch “noisy” as M&A drove cRPO/revenue upside in still-tough backdrop. Regardless, double-digit revenue and greater than 25% free cash flow growth are deserving of over 17-times next twelve months EV/FCF, in Wells’ view.
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