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Workday (WDAY +0.2%) missed out on today's rally after Barclays' Raimo Lenschow launched...
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Friday, February 1, 4:51 PM ETWorkday (WDAY +0.2%) missed out on today's rally after Barclays' Raimo Lenschow launched coverage with an Equal Weight and $58 PT. Like many others (I, II, III) on the sell side, he loves the company and dislikes the valuation, arguing a small float (22.75M shares were sold in the October IPO) has produced "a large liquidity premium." He's concerned an April 10 lockup expiration could change that dynamic. Workday has mostly gone sideways since its blockbuster IPO.
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