Workiva price target lowered to $94 from $105 at Baird

Baird lowered the firm’s price target on Workiva to $94 from $105 and keeps an Outperform rating on the shares. The analyst attributes the stock’s underperformance this quarter to concern about the achievability of its long-term targets. Skepticism on the margins is not new given the significant ramp required, from 4% in 2024 to 22% in 2027, the analyst tells investors in a research note. Near term, the firm views Workiva’s 2024 margin guidance as “sacrosanct.” It sees a favorable risk/reward at current valuation levels.