Workday price target raised to $348 from $298 at Bernstein

Bernstein raised the firm’s price target on Workday (WDAY) to $348 from $298 and keeps an Outperform rating on the shares. The firm notes Workday delivered solid Q4 results, with a cRPO beat and a good Q1 guide, reiterating full year revenue and raising full year margin guide. But what drove the stock up about 11% in the aftermarket was the setup of recent mixed results/expectations across software and easing concern that Workday’s growth would continue to degrade, Bernstein adds.