Workday assumed at Neutral from Buy at DA Davidson

DA Davidson downgraded Workday to Neutral from Buy with an unchanged price target of $300 as the analyst assumed coverage of the stock. While Workday remains “a best in class HCM solution” with a growing financial management business, the analyst believes multiple top line growth drivers are priced into the stock at current levels. Though the firm would remain on the sidelines until revenue accelerates from current levels, it values the “quality franchise” and notes that the stock remains part of the D.A. Davidson Best of Breed Bison list.