Workday price target raised to $230 from $220 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Workday to $230 from $220 and keeps an Overweight rating on the shares. Workday’s solid execution, durability of top-line growth and ability to consistently expand margins "look increasingly attractive" in a volatile market backdrop, the analyst tells investors. At the same time, an equation that should enable 25%-plus free cash flow in FY24 and beyond "looks underpriced," the firm contends.