Loop Capital raised the firm’s price target on Workday to $245 from $235 but keeps a Hold rating on the shares. The company reported solid Q3 24-month subscription backlog growth of 23%, which is largely consistent with early renewal-adjusted growth of 21.5% in Q2, the analyst tells investors in a research note. Given its expectation that early renewals will continue going forward well into the next fiscal year and also the compounding effect of early renewals, Loop anticipates the subscription revenue growth to lag behind its subscription backlog growth, the firm added.
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