Workday Stock Drops 10% on Disappointing Long Term Guidance 
<p><a href='https://financialmodelingprep.com/financial-summary/WDAY'>Workday (NASDAQ:WDAY)</a> experienced a 10% intra-day drop in its shares due to the disappointing long-term guidance provided during the Workday Rising event, leading several Wall Street firms to revise their price targets and estimates.</p>
<p>Workday has revised its outlook, now anticipating subscription revenue growth of 17%-19% through 2027. This falls below the Street expectation of 20.6% growth.</p>
<p>In response to this weaker guidance, analysts at BofA Securities, Wolfe Research, Citi, and Barclays have adjusted their price targets downward.</p>
<p>BofA Securities lowered its price target from $275 to $260 while maintaining a Buy rating. The analysts suggested that, given the challenging macroeconomic environment, the company may have built a reasonable level of caution into its expectations.</p>
<p>Citi reduced its price target from $247 to $236 while keeping a Neutral rating. The bank pointed out that while the outlook is disappointing, a portion of it may be attributed to macroeconomic factors and the conservatism of a new team in resetting expectations.</p>

NASDAQ:WDAY