UBS analyst Karl Keirstead made no change to the firm’s Neutral rating or $185 price target on Workday shares ahead of the Q4 print. The firm talked with five Workday partners to see how demand tracked through the Q4/January timeframe and tells investors in a research note that it was positively surprised to see Workday partner checks power through as well they did, and feels more comfortable on the numbers setup ahead of Workday’s Q4 print. UBS notes that the outlook for almost every partner remained stronger than anticipated, which increases confidence in the FY24 subscription revenue growth guidance of 17%-19%.
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