As previously reported, Societe Generale analyst Richard Nguyen upgraded Workday to Hold from Sell with an unchanged price target of $180. He sees only a "modest" impact from COVID-19 on the company, causing him to trim his FY21 revenue and operating income estimates by just less than 1% on average. The company's subscription revenue backlog provides strong visibility on future revenue growth and he thinks Workday has strong cross-selling opportunities within its client base, the analyst added. However, given the recent market selloff, the valuation of Workday shares is "now up to speed with fundamentals," Nguyen tells investors.