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UBS' Brent Thill loves Workday's (WDAY -0.1%) potential, but not its valuation. Starting shares...

UBS' Brent Thill loves Workday's (WDAY -0.1%) potential, but not its valuation. Starting shares at Neutral, Thill notes Workday, which delivered a scorching IPO last week, sports a 36.2x enterprise value/sales ratio, based on estimated 2012 revenue - that easily dwarfs the ratios of most enterprise cloud peers. Also, a lockup on 72% of outstanding shares will expire around April 10, though over 60% of the shares are owned by Workday's co-CEOs, who may be reluctant to sell.
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