Workday: F1Q Preview - Workday and night to meet the moment

研报英文原文证据摘录

Workday: F1Q Preview - Workday and night to meet the moment

Deutsche Bank

Research

Rating Company Date

Buy Workday 15 May 2026

North America Reuters Bloomberg Rating Buy

United States WDAY.OQ WDAY US Price target (USD) 180.00 Price at 14 May 26 118.75

52-week range 274.71 – 112.50

TMT

Software Valuation & Risks

F1Q Preview - Workday and night to meet the

moment BradResearchZelnickAnalyst

+1-212-250-8563

As Workday heads into F1Q earnings, investors are looking for signs of stability

Bhavin Shah, CFA as the company navigates a more measured demand environment. We believe the Research Analyst

industry-wide trend of budget reprioritization presents a near-term headwind for +1-212-250-6775

the core HCM market. With co-founder Aneel Bhusri back in the CEO seat, a

development partners and employees are very pleased with, we anticipate a Nick Giovacchini

Research Associate renewed focus on organic innovation and reestablishing a foundation for growth.

+1-212-250-9075

Against a backdrop of more muted checks, we struggle to see 1Q as a meaningful

catalyst to reignite investor appetite. However, we look forward to attending the Chris Fountain

company's Sana AI Summit in NYC on May 21, just hours before the after-market Research Associate

print. Workday is positioning Sana as the "front door" for work, entering what is +1-212-250-1575

an increasingly crowded space. The key question is whether Sana can evolve into

a true cross-platform orchestration layer or if it will remain a polished AI/UI on top

of Workday's system of record.

Our conversations with partners support an in-line quarter against a continued

measured environment. In general, the year was off to a slow start, with longer

sales cycles as customers deliberate more carefully on large-scale