Bernstein raised the firm’s price target on Workday to $284 from $275 and keeps an Outperform rating on the shares. The firm notes that Workday delivered a solid quarter after the close on Thursday, beating on all major metrics and raising FY24 revenue guidance on both the revenue and margin sides. This quarter reinforces Bernstein’s thesis on Workday being its top growth recommendation and a great defensive name to own in a recession. Moreover, in the increasingly crowded tech space, Workday is on the not-crowded end with reasonable valuation, the firm says in a research note on Friday.
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