Workiva price target lowered to $95 from $110 at Citi

Citi analyst Steven Enders lowered the firm’s price target on Workiva to $95 from $110 and keeps a Buy rating on the shares ahead of the Q1 report. The setup across financial software “remains somewhat mixed” with sentiment fairly low on recent execution concerns, yet sentiment for supply chain software is relatively stronger with most questions on the durability of growth and margin expansion opportunities, the analyst tells investors in a research note. The firm says that while data points and its conversations with resellers and implementation partners were generally softer for Q1, ramping regulations “appear to be driving an uptick in pipeline.”