BMO Capital raised the firm’s price target on Workday to $290 from $260 and keeps an Outperform rating on the shares after its Q3 earnings beat. The company’s forward-looking 12-mo RPO was strong again this quarter growing 21.9% y/y, benefiting from strength in new bookings, with early renewals adding a point of growth again this quarter, the analyst tells investors in a research note. BMO adds that the evidence of continued momentum in FINS and planning, improvements in the mid-market, and a strong AI position to support new products and pricing are driving an attractive set-up for Workday shares.
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