Workday price target lowered to $278 from $295 at BofA

BofA lowered the firm’s price target on Workday (WDAY) to $278 from $295 and keeps a Buy rating on the shares. The firm doesn’t expect the upcoming earnings report to be “a materially positive catalyst for the shares” given its forecast for largely in line Q2 cRPO growth, says the analyst, who cites multiple compression across the group for the firm’s lowered target. However, expectations and the current valuation present limited downside risk and channel commentary suggests that pipeline builds for all key growth initiatives remain “healthy,” the analyst added in a preview.