Workday price target raised to $205 from $195 at BMO Capital

BMO Capital analyst Daniel Jester raised the firm’s price target on Workday to $205 from $195 and keeps an Outperform rating on the shares. The company reported a "solid" set of Q4 results, though it was potentially a touch light compared to higher investor expectations, the analyst tells investors in a research note. The firm adds however that Workday’s "clean" 24-month backlog growth of over 20% and about 200bps of "like-for-like" uplift on the updated FY24 operating margin guide, suggests a "reasonable path" for expectations in 2023.