Movement Alert｜Workday Rises 5.69% in Pre-Market Trading, Investment Bank Upgrade to Buy Combined with Sector Strength

Market Focus

Jul 01

On July 1, Workday rose 5.69% in pre-market trading, trading at $129.38/share, with turnover of $6.39 million. The move was driven by Monness Crespi & Hardt upgrading the stock from Neutral to Buy with a $150 price target, implying approximately 16% upside from current levels.

The upgrade comes amid broader application software sector strength, with peers Salesforce up 3.73%, AppLovin up 3.58%, and Palantir up 2.87%. Fundamentally, Workday delivered a strong Q1 with adjusted EPS of $2.66 beating the $2.51 consensus by 6%, revenue rising 13% year-over-year to $2.54 billion, and AI agent customers more than doubling quarter-over-quarter to exceed 4,000. Management also raised full-year margin guidance. The FactSet consensus mean price target stands at $173.56 with an average overweight rating, suggesting analysts broadly see further upside potential following the stock's significant year-to-date pullback exceeding 35%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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