Workiva placed on ‘positive catalyst watch’ into earnings at Citi

Citi placed a “90-day positive catalyst watch” on Workiva (WK) into earnings and keeps a Buy rating on the shares with a $128 price target The firm believes recent European regulatory concerns on environmental, social, and governance repeals are overdone. The firm’s understanding of the potential regulatory changes are largely centered on small businesses, not Workiva’s enterprise target market. As such, it views the stock pullback as an overreaction. Citi sees solid fundamentals for Workiva based on its partner conversations this quarter.