Cowen Reiterates Outperform Rating on Workday (WDAY) Following Conference

Cowen analyst J. Derrick Wood reiterated an Outperform rating and $240.00 price target on Workday (NASDAQ: WDAY) after spending time at WDAY's Rising Conference last week. After speeking with partners and customers, Wood gets the sense that business is trending nicely, with multiple partners citing broad-based strength and no notable macro headwinds.

Wood thinks investor reaction to the analyst day is a bit overblown. Most of the investor concern seems to be coming from management's comments that it has seen longer sales cycles in some instances.

For an analyst ratings summary and ratings history on Workday click here. For more ratings news on Workday click here.

Shares of Workday closed at $154.54 yesterday.

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