Oppenheimer Sees Any Pull-Backs In Workday As An Opportunity To Add Shares

Oppenheimer analyst Brian Schwartz today joined the crowd, reiterating an Outperform rating on Workday (NYSE:WDAY) with a price target of $110, which implies an upside of 29% from current levels. 

Schwartz wrote, “Workday reported solid 3Q results as business fundamentals remain strong. Upon reflection, the results align with our intra-quarter checks and survey work that indicated Oracle and SAP customers continue to buy and install Workday. The business drivers remain healthy (billings, new logos, new product cycles), and the company’s consistent execution strengthens our confidence in the name.”

The analyst concluded, “Our key theme is that financials continues to face some headwinds from maturity, likely dissipating in 2015 and beyond. We further expect continued strong fundamental execution in the near-and-medium-terms enabling WDAY’s revenue growth to more than offset a predictable and linear-compression in its valuation multiple. We reiterate our Outperform rating and see any pull-backs as an opportunity to add shares.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian Schwartz has a total average return of 9.8% and a 59.4% success rate. Schwartz has a 4.7% average return when recommending WDAY, and is ranked #735 out of 3377 analysts.

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