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Investors should buy Workday shares because it will sell significantly more cloud software services to companies in the coming years, according to Bank of America Merrill Lynch, which initiated coverage on the company with a buy rating.
Workday is "one of the few pure-play cloud businesses at scale besides CRM and NOW ... WDAY stands out to us as a category leader with a cloud enterprise HCM [human capital management]/financials platform," analyst Kash Rangan wrote in a note to clients Monday. "We think WDAY can potentially achieve significant operating leverage from its high R&D without sacrificing growth."
Chamath Palihapitiya, founder and CEO of hedge fund Social Capital, told the Sohn San Francisco Investment Conference in October that Workday will be worth $100 billion in 10 years. The company's market value is currently around $17 billion.