Workday price target lowered to $200 from $220 at Mizuho

Mizuho analyst Siti Panigrahi lowered the firm’s price target on Workday to $200 from $220 and keeps a Buy rating on the shares. Workday reported solid Q3 results, beating on revenue and operating margin but missing billings, "providing some relief given the current macro uncertainty impacting other enterprise software businesses," Panigrahi tells investors in a research note. The analyst says the company "remains in a strong position to become the preeminent vendor in the back-office suite over the longer term." He dropped the price target to reflect recent contraction of peer average valuation multiples and his revised estimates.