Workday price target lowered to $270 from $287 at Citi

Citi lowered the firm’s price target on Workday (WDAY) to $270 from $287 and keeps a Neutral rating on the shares as part of a 2025 outlook for application software. Following improving software sentiment in Q4 and a recent valuation reset, Citi sees “stable to improving demand and multiple thematic upside drivers supporting a more constructive view” into 2025 for the application software group. Core themes include artificial intelligence monetization, small business tailwinds, SAP cloud cycle, regulatory changes, and “warming” capital markets, the analyst tells investors in a research note.