Workday price target lowered to $238 from $300 at Macquarie

Macquarie analyst Frederick Havemeyer lowered the firm’s price target on Workday to $238 from $300 and keeps a Neutral rating on the shares. While the company reported “solid” Q1 earnings results that were above consensus on revenue and operating margins, the company lowered its FY25 subscription revenue guidance to reflect “elevated sales scrutiny and lower customer headcount growth.” The analyst feels this lowered guidance reduction “casts a near-term veil on growth.”