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Fly News Breaks for December 4, 2019
WDAY
Dec 4, 2019 | 07:20 EDT
BofA Merrill Lynch analyst Kash Rangan noted that Workday's revenue, operating margin and EPS all beat consensus in Q3, but he said its "strong" results were overshadowed by the company's preliminary outlook on FY21 subscription revenue growth and operating margins that were both below consensus expectations. However, Rangan believes management is likely being conservative given positive commentary on a healthy HCM pipeline for the seasonally strong Q4, the analyst tells investors. Rangan, who still views Workday as poised to become a major ERP cloud company, reiterates his Buy rating and $260 price target on the shares following the company's Q3 report.
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