BofA reinstated Workday with a Neutral rating and $140 price target. The firm previously had a Buy rating on shares under prior coverage. The firm views Workday as \"a mission-critical system of record with an entrenched installed base,\" but notes that revenue growth has decelerated from about 30% to mid-to-low teens and that its estimates call for 10-12% growth over the next three years. The debate has shifted from \"quality of franchise\" to \"re-acceleration visibility,\" the analyst tells investors.
