Workday price target raised to $321 from $299 at Bernstein

Bernstein raised the firm’s price target on Workday to $321 from $299 and keeps an Outperform rating on the shares. The firm notes Workday delivered an in-line quarter, reiterated full year guidance and announced another round of buybacks and yet the stock was down about 7.5% in the aftermarket. Nothing in the results would imply this level of negativity, Bernstein says. The firm believes that “what we are seeing is an over-reaction.”