Street View: Brokerages cut Workday PTs on softer demand
Human resources software provider Workday WDAY.O on Tuesday reported subscription revenue in line with Wall Street estimates, signaling softer demand
Shares of WDAY down 6.2% to about $219.3 premarket
Thirty-one of 41 brokerages rate the stock "buy" or higher and ten "hold"; their median PT is $280, according to data compiled by LSEG
SOFTER DEMAND AND DECELERATING SUBSCRIPTION BACKLOG
Stifel (cuts PT to $235 from $255) cites constrained growth beyond core HR solutions, with limited module expansion and challenges in scaling financials and international segments without pricing concessions
D.A. Davidson (cuts PT to $250 from $260) cites softening demand, with FY27 subscription revenue growth guided at ~13% and subscription backlog growth decelerating to 17.0% from 17.6% earlier
TD Cowen (cuts PT to $280 from $290) cites softer demand in higher education due to federal grant pressures; says FY27 subscription growth of ~13% includes ~1% inorganic contribution
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