Workday falls ahead of earnings due to Cowen downgrade

Ahead of Workday's (WDAY -3.7%) Monday FQ3 report, Cowen has downgraded the cloud HR/ERP software vendor to Market Perform, and lowered its PT to $75 from $93.

Many on the sell-side have been on edge about Workday's steep multiples, even as they generally praise its market growth and large base of blue-chip enterprise clients. Shares currently trade at 18x a consensus FY15 (ends Jan. '15) revenue estimate of $673.7M (FY15 billings will likely be higher).

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