UBS downgraded Workday to neutral from buy.
The firm also cut its price target on the stock to $275 from $185. The new target is about 5% above Workday's close Monday. "We're not convinced that Workday shares fully reflect the risk that back-office HR/Fins projects might be disproportionately delayed in a downturn," UBS's Karl Keirstead said in note Monday.
"The clear tone down-tick in this round of checks was the view that 'macro' was now weighing on customer demand and the consensus view was that in the event of a recession, large, back-office application software deals would likely be delayed more than others," Keirstead added. The stock is down 35.6% this year, underperforming the S & P 500's 15.9% decline in 2022.
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