Canaccord lowered the firm’s price target on Workday (WDAY) to $275 from $330 and keeps a Buy rating on the shares. The firm said they reported FQ2 results that exceeded the high-end of guidance on both the top and bottom line. Workday increased its full-year subscription revenue guide by about $15M, but management was hesitant to quantify anticipated inorganic contribution from newly acquired Paradox and also noted that FQ2 backlog growth upside was largely attributed to customer-led early renewal activity.
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