These Analysts Boost Their Forecasts On Workday Following Strong Earnings
Portfolio Pulse from Lisa Levin
Workday, Inc. (NASDAQ:WDAY) exceeded Q3 earnings expectations with $1.56 per share against estimates of $1.41 and revenue of $1.87 billion over the forecast of $1.848 billion. The company anticipates Q4 subscription revenue of $6.598 billion and adjusted operating margins of 23.8%. Following the earnings report, Workday's stock rose 8% in pre-market trading, and several analysts raised their price targets for WDAY, maintaining positive ratings, except for Citigroup which kept a Neutral rating but still raised its target.
November 29, 2023 | 12:37 pm
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POSITIVE IMPACT
Workday's strong Q3 earnings and raised guidance led to a pre-market stock price increase and higher price targets from analysts, indicating a positive short-term outlook.
Workday's earnings beat and raised future guidance are strong indicators of the company's performance and potential growth, which typically result in a positive short-term impact on the stock price. The unanimous analyst upgrades and raised price targets further reinforce the positive sentiment around the stock, suggesting a likely increase in investor confidence and demand for WDAY shares.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100