Workday Faces Mixed Analyst Views: Strong Q3 Earnings Beat Offset By Growth Concerns And Guidance
Workday Faces Mixed Analyst Views: Strong Q3 Earnings Beat Offset By Growth Concerns And Guidance
Workday, Inc. (NASDAQ:WDAY) shares are trading lower on Wednesday.
Workday, Inc.（納斯達克：WDAY）股票在週三交易下跌。
The company reported third-quarter earnings of $1.89 per share, surpassing the $1.76 estimate. Revenue of $2.16 billion also beat expectations of $2.13 billion, up from $1.87 billion last year. Workday revised its FY25 subscription revenue guidance.
該公司報告第三季度每股收益爲1.89美元，超過了1.76美元的預期。營業收入爲21.6億也超出預計的21.3億，相較於去年18.7億有所增長。Workday修訂了其2025財年的訂閱營業收入指引。
Here are the analyst's take on the stock:
以下是分析師對該股票的看法：
- Piper Sandler analyst Brent A. Bracelin downgraded the stock to Neutral from Overweight, lowering the price forecast to $270 from $285.
- Goldman Sachs analyst Kash Rangan reiterated the Buy rating on the stock, lowering the price forecast to $300 from $305.
- Needham analyst Scott Berg reiterated the Buy rating on the company, with a price forecast of $300.
- 派傑投資分析師Brent A. Bracelin將該股票的評級從超配下調至中立，並將價格預測從285美元下調至270美元。
- 高盛分析師Kash Rangan重申了對該股票的買入評級，並將價格預測從305美元下調至300美元。
- Needham分析師Scott Berg重申了對公司的買入評級，目標價格爲300美元。
Piper Sandler: Bracelin has lowered the growth estimate for Workday in 2026 to 12.5%, down from 14.0%, due to concerns over weak guidance and the company's ability to drive growth next year.
派傑投資：Bracelin將Workday在2026年的增長預估下調至12.5%，低於14.0%，原因是對公司弱勢指引及其明年推動增長能力的擔憂。
Per the analyst, until international expansion, new products, and partnerships begin to show stronger results, Workday's growth prospects are diminishing, leading them to downgrade their rating to Neutral.
根據分析師的說法，直到國際擴展、新產品和合作夥伴關係開始顯示出更強的結果之前，Workday的增長前景正在減弱，因此他們將評級下調至中立。
While margin expansion to 27.5% in fiscal 2026 could support more than 15% earnings per share (EPS) growth, the analyst struggles to justify Workday's high valuation, especially given a 28x price-to-earnings (P/E) multiple for CY26 (compared to a GAAP P/E of 70x).
儘管到2026財年邊際擴張至27.5%可能支持超過15%的每股收益（EPS）增長，但分析師仍然難以證明Workday的高估值，尤其是考慮到2026年28倍的市盈率（P/E），而GAAP市盈率爲70倍。
As a result, the analyst writes that the growth momentum for Workday has slowed.
因此，分析師寫道Workday的增長勢頭減緩了。
Goldman Sachs: The analyst notes a slight decrease in fourth-quarter growth due to delayed large-deal revenue recognition and compression in 1Q25 from leap-year comparisons.
高盛：分析師注意到由於大型交易收入確認延遲，第四季度增長略有下降，並且由於閏年比較，2025年第一季度出現壓縮。
Despite these challenges, the analyst is cautiously optimistic, noting that the macro environment in FY26 could improve following election results and potential rate cuts.
儘管面臨這些挑戰，分析師持謹慎樂觀態度，指出2026財年的宏觀環境在選舉結果和潛在減息後可能會改善。
Additionally, Workday's AI products are showing strong traction, with 30% of third quarter customer expansions incorporating AI solutions, leading to a 39% reduction in turnover and a significant boost in selling prices. While the delayed revenue recognition from strategic deals was unexpected, the analyst forecasts that the products and features delivered should result in long-term revenue benefits.
此外，Workday的人工智能產品顯示出強勁的吸引力，第三季度的30%客戶擴展納入了人工智能解決方案，導致員工流失率降低39%和銷售價格顯著上漲。儘管來自戰略交易的收入確認延遲是意外的，但分析師預測提供的產品和功能將爲長期收入帶來好處。
If Workday can maintain stable, durable growth and improve its margins, the stock is likely to see a re-rating, the analyst adds.
分析師補充道，如果Workday能夠保持穩定且持久的增長並改善其利潤率，股票可能會看到重新評級。
Needham: Workday is facing longer sales cycles than in FY24, with cRPO at $6.98 billion, up 15.4% year-over-year, slightly above guidance.
Needham：Workday面臨的銷售週期較2024財年更長，cRPO爲69.8億，較去年增長15.4%，稍高於指導。
However, the analyst forecasts that Workday shares will be weak due to a lower-than-expected FY26 subscription revenue growth forecast of 14%, below the 15% consensus. This shortfall is attributed to revenue recognition timing on large deals.
然而，分析師預測由於2026財年訂閱收入增長預測爲14%，低於15%的市場共識，Workday股票將表現疲軟。這個短缺歸因於大型交易的收入確認時機。
The analyst also sees investor concern growing over the intermediate-term outlook, as the company's new management team has recently reaffirmed its 15% subscription growth targets.
分析師還認爲，投資者對中期前景的擔憂正在增加，因爲公司的新管理團隊最近重申了15%的訂閱增長目標。
The analyst raised the FY25 EPS estimates to $7.20 from $7.12.
分析師將FY25每股收益預期從7.12美元上調至7.20美元。
Price Action: WDAY shares are trading lower by 8.26% to $247.87 at last check Wednesday.
價格走勢：WDAY股票在週三最後檢查時下跌了8.26%，報247.87美元。
Read More:
閱讀更多：
- Trump's Potential' Health Czar' Robert F. Kennedy Jr. Rattles Vaccine Stocks: 'Shoot First Reaction'
- 特朗普潛在的健康czar羅伯特·F·肯尼迪 Jr.震動生物-疫苗股票：'先開槍反應'
譯文內容由第三人軟體翻譯。
