Workday Likely To Report Higher Q3 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
Portfolio Pulse from Lisa Levin
Workday, Inc. (NASDAQ:WDAY) is expected to report higher earnings for its fiscal 2024 Q3, with analysts predicting $1.41 per share compared to $0.99 a year ago and revenues of $1.85 billion. Despite lowering its subscription growth guidance in September, analysts have updated their ratings and price targets. B of A Securities raised the target to $270, UBS to $245, Oppenheimer maintained at $255, Morgan Stanley cut to $245, and Barclays reduced to $249. Workday's stock closed slightly down at $235.83.
November 28, 2023 | 7:42 pm
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Workday is anticipated to report increased earnings for Q3 FY2024, with a positive outlook from analysts despite a recent dip in stock price and lowered subscription growth guidance.
The anticipation of higher earnings typically has a positive impact on a company's stock price in the short term. Analysts' revisions of price targets and ratings, especially when they are positive or maintain a bullish stance, can also lead to increased investor confidence and upward price movement. However, the recent lowering of subscription growth guidance and a slight decline in the stock price indicate some caution, which is why the confidence score is not at the maximum.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100