Morgan Stanley downgraded Workday (WDAY) to Equal Weight from Overweight with a price target of $275, down from $330. The firm says recent investments in distribution have failed to catalyze sales growth at Workday. The analyst now sees “more risks than bullish signals on the horizon.” Morgan Stanley notes the recent string of weak enterprise software Q4 prints, softening channel conversations, and multiple compression risk “add more near-term weights” to its views on the shares.
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