Morgan Stanley analyst Keith Weiss said he is still "enamored" by the large market opportunity Workday addresses and its best in class retention rates, but he also believes its maturing HCM business weighed heavily on the company's initial FY21 targets and will keep the stock range-bound in the near-term. The company's Q3 miss in terms of billings and bookings along with its FY21 guidance for 21% year-over-year growth in subscription revenue validated his concerns about the need for an adjustment in consensus expectations on the subscription revenue growth profile, Weiss added. He keeps an Equal Weight rating and $180 price target on Workday shares.