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Fly News Breaks for October 16, 2019
COUP, WDAY
Oct 16, 2019 | 07:17 EDT
Stifel analyst Brad Reback said after attending the keynote and analyst day at Workday Rising 2019 that he sees the HCM opportunity moderating as Workday (WDAY) scales, making HCM up-sell and cross-sell more important. Meanwhile, the Financials segment is growing 50%, but off a small base and he does not see an inflection in the near-term. Following the event, he lowered his FY21 and FY22 subscription revenue estimates and trimmed his price target on Workday shares to $180 from $210. While Reback thinks Workday is executing well and has a large opportunity to drive revenue growth, he expects shares to trade in-line with peers, leading him to keep a Hold rating on the stock. Reback also noted that Workday signaled interest during the event to "more deeply go after" procurement, which he said is largely dominated by Coupa Software (COUP).
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