Workday price target lowered to $285 from $325 at KeyBanc

KeyBanc analyst Jason Celino lowered the firm’s price target on Workday (WDAY) to $285 from $325 and keeps an Overweight rating on the shares. Workday reported better Q2 results, beating on cRPO, subscription revenue, and operating margin, but while FY26 subscription guidance moved up by $15M, the majority of the raise stems from its Paradox acquisition, implying the organic subscription outlook is maintained, the analyst tells investors in a research note. Despite the heightened uncertainty around the near- to medium-term growth trajectory, KeyBanc is encouraged by Workday’s continued focus on profitability.