Workday price target raised to $350 from $300 at BofA

BofA analyst Brad Sills raised the firm’s price target on Workday to $350 from $300 and keeps a Buy rating on the shares after talks with a dozen Workday system integration partners to gauge Q4 deal activity and pipelines. Consistent with Q3, most partners suggested better or solidly in line results compared to plan, says the analyst, who expects current bookings and cRPO, or current remaining performance obligation, of $2.5B and $6.7B, respectively, given commentary for solid Q4 activity.