Workday price target raised to $316 from $277 at Baird

Baird raised the firm’s price target on Workday to $316 from $277 and keeps an Outperform rating on the shares. The firm noted the shares fell in after-hours trading as shares have had a strong run and in reaction to a lower-than-normal beat and guidance that the subscription backlog growth is slowing. While it is clear that large enterprise HCM growth in the US is slowing, overall growth in US FINS+ and international continues to be strong.