Workday price target lowered to $242 from $270 at Loop Capital

Loop Capital lowered the firm’s price target on Workday (WDAY) to $242 from $270 and keeps a Hold rating on the shares. Workday continues to navigate a challenging but moderating macro environment, and continues to temper its top-line growth outlook, now forecasting 14% subscription revenue growth next fiscal year, a modest downtick from its previous 15% target that was issued just a quarter ago, the analyst tells investors in a research note. Loop continues to appreciate the company’s resilient business driven by diverse revenue streams from a diverse set of products and also a diverse set of customers, which should support its annual 15% subscription revenue growth target in the medium-term