Workday price target raised to $280 from $255 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Workday (WDAY) to $280 from $255 and keeps an Equal Weight rating on the shares. Workday printed a “solid” Q3 report, but while an accelerated M&A strategy well leverages core assets and “adds to the AI toolkit,” it does little to improve investor sentiment on the durability of growth, says the analyst, who thinks an outsized beat in cRPO “likely gets discounted by investors for being M&A driven.”