Workiva price target raised to $123 from $115 at BMO Capital

BMO Capital raised the firm’s price target on Workiva to $123 from $115 and keeps an Outperform rating on the shares. The company’s recent user conference and analyst day highlighted that while ESG reporting remains the major accelerant to the Workiva investment story over the next 1-3 years, the strength of the platform across reporting and compliance provide the foundation for durable above-20% subscription growth rate on the path to $1B of revenue, the analyst tells investors in a research note. Given the accelerated international growth investments, the growth outlook is also supportive to medium-term growth for Workiva, BMO added.