Why Workday Stock Popped Today
Shares of Workday (NASDAQ: WDAY) have popped today, up by 9% as of 12:20 p.m. EDT, after a Wall Street analyst released a bullish research note. Enterprise software stocks are also broadly rallying following a blockbuster earnings release from salesforce.com.
Jefferies boosted its price target on Workday from $180 to $195, which was just slightly above yesterday's close and below current prices. "We remain fundamental fans of WDAY's broad product portfolio and believe that spend will inevitably come back as we recover," analyst Brent Thill wrote in a research note to investors. However, the ongoing macroeconomic uncertainty related to the COVID-19 pandemic could impact broader IT spending and lead to delays in inking deals in the short term.
Image source: Workday.
Source Fool.com
