Piper Sandler Turns Less Bearish on Workday (WDAY) Following Workday Rising

Workday, Inc. (NASDAQ:WDAY) is one of the Must-Watch AI Stocks on Wall Street. On September 17, Piper Sandler upgraded the stock to “Neutral” from Underweight and raised its price target to $235.00 from $220.00. The rating upgrade follows key announcements made at the company’s annual event, Workday Rising.

Analysts led by Brent Bracelin said that they left Workday Rising encouraged by early signals that the company’s leadership is ramping up efforts to increase relevancy in the AI era via. Its three recent acquisitions in the last 30 days: Sana, Paradox, Flowise.

Moreover, Workday has also introduced new Flex Credit options to supplement employee-based pricing and a new data cloud with zero-copy interfaces into Databricks, Snowflake, and Salesforce.

“These organic and inorganic efforts combined will likely take time to catalyze a growth rebound. Despite facing elevated near-term execution risks, we upgrade WDAY to Neutral from Underweight after the -15% YTD sell-off (vs. +12% S&P500) given the risk-reward appears balanced.” -Bracelin and his team.

Workday, Inc. (NASDAQ:WDAY) provides enterprise cloud applications.

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