Workday price target lowered to $260 from $270 at TD Cowen

TD Cowen analyst J. Derrick Wood lowered the firm’s price target on Workday to $260 from $270 and keeps an Outperform rating on the shares. The firm atended the company’s analyst day and noted the take-down on growth and margin expansion is disappointing, but they think new management is making the right strategic moves and that targets will prove conservative. Cowen continue to see a compelling path for accruing long-term shareholder value.