大摩：Workday(WDAY.US)分析师日增强投资者信心，重申目标价255美元

Core Insights - Morgan Stanley reiterated a "hold" rating on Workday (WDAY.US) with a target price of $255, emphasizing the company's strong foundation for success in the AI sector as discussed during the annual analyst day meeting [1] - Workday aims to achieve a compound annual growth rate (CAGR) of over 20% in free cash flow per share by fiscal year 2028, while also targeting a growth rate combined with a profit margin of 48% [1] - Management presented various growth scenarios for subscription revenue, indicating lower (12%), medium (13-14%), and higher (15%) growth rates, which could enhance investor confidence in Workday's long-term free cash flow growth story [1] Financial Performance - Workday's annual contract revenue from AI-based solutions has exceeded $450 million, reflecting a year-over-year growth of over 50% [2] - The annual contract revenue from emerging agent solutions has surpassed $150 million, showing a year-over-year growth of over 200% [2] - The company is enhancing its data processing capabilities through its new "Data Cloud" service and has doubled its partner network to over 1,300, as well as doubled its developer user base [2] Strategic Initiatives - Workday is leveraging new acquisitions to achieve significant results and has introduced a new revenue model through Flex Credits [2]