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Fly News Breaks for May 9, 2016
WDAY
May 9, 2016 | 06:09 EDT
Brean Capital analyst Yun Kim downgraded Workday to Sell with a $55 price target. Channel checks indicate that a portion of Workday's target customers are expected to undergo a "major accounting change" over the next couple of years, which will make it difficult for them to migrate to a new financial system, Kim tells investors in a research note. The analyst believes headwinds to Workday's Financial application business starting this year are not fully appreciated by investors.
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