The Ratings Game: Cloud software stocks slammed amid Workday fears, Morgan Stanley doubts [MarketWatch]
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Source: MarketWatch
Cloud software stocks slammed amid Workday fears, Morgan Stanley doubts Cloud-software stocks were slammed Wednesday morning after Workday Inc.’s analyst day sent fears through the sector and a Morgan Stanley analyst suggested that a recent pullback in the hot sector was not enough to dive in wholeheartedly. Workday WDAY, -11.78% shares dropped as much as 13.3% through 1 p.m. Eastern time Wednesday, swinging to a loss on the year. The concern appears to be slowing growth for the company’s Human Capital Management, or HCM, software, the core human-resources business for Workday. Workday “will exit the year with 20% growth in its core HCM product, which has slowed due to the law of large numbers and higher penetration,” Jefferies analyst Brent Thill wrote in a note, adding that Workday will need to be supported by growth in the company’s financial-services product to withstand slowing growth in its core product. Thill has a hold rating and a $188 price target on Workday shares. Wedbu
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