Cantor Maintains Buy On Workday Following 3Q:FY15 Results
In a research report issued today, Cantor analyst Brian White maintained a Buy rating on Workday (NYSE:WDAY) with a price target of $121.00, as the company reported strong 3Q:FY15 results with revenue decisively beating Cantor’s projection (and FactSet Consensus); however, the company’s conservative 4Q:FY15 revenue outlook and expectation for 40% sales growth in FY:16 drove an after-hours sell off in the shares.
White noted, “We believe this reaction is shortsighted. Our enthusiasm around the Workday story remains unfettered given another strong quarterly performance and our optimism around the company’s long-term growth prospects, combined with our appreciation for Workday’s conservatism when approaching a new fiscal year.”
“As such, we continue to believe Workday represents one of the best next-generation cloud plays and we reiterate our BUY rating.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian White has a total average return of 20.3% and a 74.4% success rate. White has a 3.7% average return when recommending WDAY, and is ranked #12 out of 3393 analysts.