Workday's Topline Backed by Platform Strength, AI, BofA Says

MT Newswires Live

Aug 22

Workday (WDAY) posted a "healthy" topline growth in fiscal Q2 due to the strength of its platform and artificial intelligence, BofA Securities said in a note Friday.

Growth was supported by the existing base and healthy net new annual contract value or ACV, which was fueled by 20% contribution from partners, the firm said.

AI-driven ACV doubled on an annual basis, with over 75% of new deals including at least one AI product, BofA said.

The firm added that demand for the company's platform continues to be healthy.

BofA cut its price objective on the company to $265 from $278 and maintained its buy rating.

Workday shares were down over 3% in recent trading.

Price: 220.43, Change: -7.15, Percent Change: -3.14

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