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Workday workforce reduction could deliver more upside after RIF, says Jefferies

Workday (WDAY) announced an 8.5% workforce reduction ahead of its Q4 earnings report later this month, which could translate to 3-5 points of margin upside, Jefferies tells investors in a research note. While questions remain on reinvestment plans and areas impacted, the firm believes Workday can deliver more upside following the reduction in force, or RIF, as its margins in the mid-20s lag peers in the high 30s. Jefferies has a Buy rating and $350 price target on Workday shares.

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