RBC Capital analyst Rishi Jaluria keeps an Outperform rating and $275 price target on Workday after its Q3 earnings beat. Following the company’s reset to expectations at its Analyst Day, the quarter was “clean”, and the management’s “solid” upside to revenue, backlog, and profitability were “encouraging”, the analyst tells investors in a research note. Workday’s Q4 backlog and preliminary FY25 subscription revenue guidance also met expectations, providing good room for steady upside, the firm added.
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