| What's Changed | | | | --- | --- | --- | | Workday Inc (WDAY.O) | From | To | | Rating | Equal-weight | Underweight | | Price Target | $185.00 | $145.00 | While WDAY scored high on our Moat framework and there is a large automation opportunity in the back-office, the Journey to realize AI acceleration will take time. With an uncertain growth & margin path, lack of positive catalysts, and at 23X CY27 GAAP P/E, we see more downside risk here vs peers. Key Takeaways With this note, Adam Wood is assuming lead ...