Workday downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Brad Zelnick downgraded Workday to Hold from Buy with a price target of $195, down from $215. The analyst prefers earlier cycle names over Workday, which the firm sees as "much later-cycle" within software. Deutsche expects 2023 to be another volatile year for software stocks with investors seeking confirmation of a bottom as fundamentals "likely deteriorate further." The firm prefers earlier cycle names within software for 2023 over later ones, and tells investors to "selectively begin picking away at quality growth."