Workday price target raised to $250 from $220 at Needham

Needham raised the firm’s price target on Workday to $250 from $220 and keeps a Buy rating on the shares. The company’s Q1 results were “strong” with a consistent 0.7% subscription revenue beat and upside operating margin, while also attaining GAAP profitability for the first time, the analyst tells investors in a research note. The firm is positive on Workday’s ability to expand monetization of AI through their massive 65M user dataset and ultimately build out an even strong competitive advantage.