Piper Sandler downgraded Workday (WDAY) to Neutral from Overweight with a price target of $270, down from $285, following the earnings report. The firm says the company’s “tepid” guidance with remaining performance obligation growth expected to decline for the fifth consecutive quarter to 14% erodes its confidence that Workday’s “growth levers can still fuel a recovery next year.” Until international, new product, and partner growth levers begin to have a more material contribution, Piper downgraded the shares on “waning growth prospects,” the analyst tells investors in a research note.
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