Citi Likes Workday Following Q1 Earnings

Citi's Walter Pritchard reiterated Workday Inc (NYSE: WDAY)'s Buy Rating and $87 price target after the company reported Q1 earnings Tuesday after market close.

Pritchard was happy with 1Q17 results as the company's sales of $372 million were higher than the analyst's estimate of $361 million. Additionally, "customer adds of 100 total and 20 financials were healthy for a Q1, although commentary about success in mid-market suggests mix may have been smaller" said Pritchard.

Related Link: Barclays Still Bullish On Workday

'Modest Guidance Raise'

In addition to management guiding Q2 ahead of the street, pipeline commentary reflects strength especially in 2H, and "in line with our inputs" said the analyst. Due the positive outlook, Pritchard "sees [an] attractive growth profile at WorkDay."