Workday price target lowered to $320 from $350 at Oppenheimer

Oppenheimer lowered the firm’s price target on Workday to $320 from $350 and keeps an Outperform rating on the shares. The earnings risk weighs slightly negative for Workday this Q1 based on lackluster partner checks and hiring data trends, the firm says. Specifically, the partner checks point to a soft Q1, especially in North America. Additionally, the hiring data had a reversal this Q1, which Oppenheimer reads through as a good development for upside to margins, but potentially weak bookings. However, the partner checks are upbeat about a strong rebound for Workday in Q2, the firm adds.