WDAY is trading 3.9% down today at $124.36 after Cantor Fitzgerald cut its price target on the stock, fueling investor caution ahead of the company's first-quarter earnings report scheduled for May 21.
- Cantor Fitzgerald lowered its price target to $160 from $200, citing concerns that market saturation and shifting enterprise budgets toward AI are creating headwinds for growth.
- The negative sentiment is compounded by broad market pressure on tech stocks, as U.S. Treasury yields have climbed to their highest levels since 2007, making growth-oriented equities less attractive.
- The decline also represents profit-taking, as the stock had rallied more than 10% over the past week in anticipation of the earnings release.