Piper Sandler raised the firm’s price target on Workday (WDAY) to $330 from $300 and keeps an Overweight rating on the shares. The firm enters 2024 with a higher degree of optimism for application software based on stabilizing demand fundamentals after two years of moderation, a declining interest rate backdrop sparking greater appetite for growth stocks, new secular tailwinds for cloud and data driven by a generational shift to AI, CIO survey optimism showing accelerating cloud and AI spending intentions, and favorable risk-reward scenarios on 2025 metrics. Piper’s top ideas to own for 2024 include Workday, Snowflake (SNOW), Monday.com (MNDY), Klaviyo (KVYO), and Global-e Online (GLBE).
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