NEW YORK (TheStreet) -- Shares of Workday (WDAY) - Get Report closed up on Wednesday as Wedbushraised its rating on the stock to "neutral" from "underperform" earlier today. The firm also increased its price target to $82 from $69.
Separately, Drexel Hamilton reiterated a "buy" rating and $110 price target on shares of the Pleasanton, CA-based enterprise cloud applications company today.
The firm said that the "cloud's rising star still has plenty of growth ahead" after the company's user conference yesterday.
Additionally, Workday has increased its addressable market to more than $65 billion from over $60 billion last year, Drexel noted.
"Workday's expanding product portfolio, unique technological capabilities and growing ecosystem is creating one of the most powerful platforms in the software-as-a-service (SaaS) industry," the firm wrote in an analyst note earleir today.
The stock still has "attractive" upside potential as there are still high-quality, leading SaaS pure plays available, Drexel noted.
Jefferies said the company has several encouraging product updates. The firm also upped its price target on Workday shares to $79 from $72 and maintained a "hold" rating earlier today.
Yesterday, Workday said it will partner with Microsoft (MSFT) to integrate its HR software with Microsoft's Office 365 software.
Separately, TheStreet Ratings objectively rated Workday 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.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D+ on Workday 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.
You can view the full analysis from the report here: WDAY