After Workday reported stronger than expected Q3 results but provided weaker than expected guidance partly due to deal slippage, RBC Capital analyst Ross MacMillan says that the company's Q4 subscription guidance is only "slightly" below his prior estimate. He thinks that the company's core human capital management business is decelerating slightly due to the law of large numbers, but he continues to believe that "the market is large," while Workday's technology is "strong" and its product is improving. Moreover, MacMillan continues to expect the company to obtain about 30% of the human capital management market and he thinks it could become a takeover target. The analyst cut his price target on the shares to $85 from $102 but keeps an Outperform rating on the stock.