Workday price target lowered to $270 from $300 at Oppenheimer

Oppenheimer analyst Brian Schwartz lowered the firm’s price target on Workday (WDAY) to $270 from $300 and keeps an Outperform rating on the shares. The company reported in-line Q2 results as strong artificial intelligence bookings and momentum in industries was balanced by “uninspiring” second half of the year guidance and a small beat magnitude, the analyst tells investors in a research note. Workday’s organic revenue guidance is weaker than 90 days ago and raised solely for an acquisition, the analyst tells investors in a research note. Opco cites group multiple compression for the target cut.