2025-05-19-Jefferies-Workday公司（WDAY）_第一季度预览预计惊喜较少_44页_883kb

Workday, Inc. (WDAY) is assigned a "Buy" rating by Jefferies with a $325 price target, based on projections of mid-teens revenue growth and significant margin upside. First-quarter performance is expected to be in-line, though forward indicators show softening due to macroeconomic uncertainty, with pipeline volume declining sequentially amid partner caution on pricing amid deal delays. Despite this, 2025 growth outlooks remain unchanged at around 10.6%, driven by sticky software, partner investments, and opportunities in Financials. The valuation, at approximately 23x CY2026 free cash flow, represents a 20% discount to peer software companies with comparable growth profiles. Key risks include competition from SAP and Oracle, particularly in Financials and HCM segments, and macro-driven volatility. AI traction is nascent, with planned adoption of Workday Assistant by some customers, but uptake is limited. The company's defensive positioning and strong management team support the Buy recommendation, though long-term growth faces challenges from established players.