Workday analyst day 'tough to match' last year's event, Monness, Crespi, Hardt says
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In conjunction with its annual flagship conference being held this week, Workday (NASDAQ:WDAY) is set to host its annual financial analyst day tomorrow. And while investment firm Monness, Crespi, Hardt is expecting some positive announcements, it may be tough to top last year's event.
Analyst Brian White, who has a buy rating on Workday (WDAY) shares, noted that even as the company delivered a "strong" second-quarter, the company is not immune to the economic downturn, which is likely to put a damper on the investor event. 
White noted that since the 2020 meeting was canceled because of the pandemic, Workday (WDAY) had some "bold financial objectives" at last year's event, boosting its total addressable market, unveiling a $10B revenue objective and breaking out its FINS+ subscription revenue for the first time. 
A step back is expected this year, however, especially with Barbara Larson being in her first day as Workday's (WDAY) Chief Financial Officer. 
White also noted that even with Workday (WDAY) reporting a strong second-quarter and maintaining its outlook last month, the company did acknowledge some hiccups.
"Workday highlighted broad-based, healthy trends across product categories and geographies," White added. "That said, Workday acknowledged that some deals had begun to receive greater scrutiny and warned this could lead to longer sales cycles." 
Workday (WDAY) shares rose nearly 1% to $171.49 in early Monday trading.
Hedge fund Coatue Management started a new position in Workday (WDAY) during the second quarter, along with making several other changes to its portfolio.