Workday (WDAY - Get Report) shares are down double digits after RBC Capital analysts cut their price target on the human-resources cloud-application platform to $212 from $225 while affirming the stock outperform.
After the Pleasanton, Calif., company's analyst day on Tuesday, RBC said Workday presents a "durable" growth story. But RBC sees that growth slowing as penetration into larger accounts slows.
The new price target still represents a potential upside of 17% from the stock's Tuesday closing price of $180.96.
Workday shares at last check on Wednesday were trading down 11% at $160.63.
Meanwhile, analysts at Macquarie said in a note that "several new products" at Workday "may be difficult to monetize."
Macquarie has a neutral rating and $196 price target on WDAY.
Analysts at Citi see international and mid-market growth as keys to the company's future, but the firm also says these are "lower confidence sources of growth."
Citi also rates the stock neutral, with a $192 price target.
And Jefferies has a hold rating and $188 price target on Workday due to valuation concerns.
Investors can find "more attractive software-as-a-service stories out there growing at the same rate and with better margin profiles," the firm said.