BUZZ-Workday slips on Morgan Stanley downgrade

Human resources software provider Workday WDAY.O down 3.5% at $256.31 in morning trading

Morgan Stanley downgrades co to "equal weight" from "overweight", and trims PT to $275 from $330

Brokerage says "recent investments in distribution have failed to catalyze topline growth at Workday"

Earlier this month, co said it will cut 8.5% of its current workforce, as it invests heavily in artificial intelligence to counter a softer macroeconomic environment

Average rating of 39 brokerages covering the stock is a "buy"; their median PT is $300 - LSEG-compiled data

As of last close, stock had fallen ~0.65% this year and it fell ~6.5% in 2024