Compass Point analyst Marshall Senk downgraded Workday to Neutral from Buy with a price target of $199, down from $238. The stock in premarket trading is down 4% to $166.10. Management has been delivering commentary that growth forecasts for next year need to be reined in, Senk tells investors in a post-earnings research note. He attributes this to maturity in the human capital management market, slower migration to cloud in the financials business, and the timing of new product rollouts, which are not expected to impact revenue materially until fiscal 2022. As such, he reduced his fiscal 2021 revenue estimate to $4.31B from $4.4B to reflect slower subscription growth. While Workday shares are off their highs, a catalyst is needed to help drive growth, which is unlikely until next year, contends Senk.