The firm also maintained its "outperform" rating on shares of the Pleasanton, CA-based provider of enterprise cloud applications for finance and human resources.
The higher price target comes after the firm's annual Workday customer survey on financials.
Oppenheimer came away from analysis of this year's survey feeling increasingly comfortable with Workday's current business momentum and is optimistic about bookings and growth trends. It also sees low estimate risks.
The company's human capital management (HCM) business remains "robust" with signs of good large deals traction, which carries positive implications for future growth, the firm noted.
But SaaS demand for enterprise financials is still facing numerous adoption headwinds that will take time to resolve, Oppenheimer said.
Trends analysis from the survey found that the Workday Financials management system is gaining share in the mid-market, but adoption remains sluggish in the enterprise market, especially within the manufacturing vertical.
"Workday remains a top 2016 pick given that most investors and sell-side analysts are negative yet our customer checks lend support to our improving business story/thesis," the firm contended.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+ on the stock.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: WDAY