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Workday Rallies On Company's Strong Results

Shares of Workday Inc. rallied Thursday morning after the cloud based business applications company reported better-than-expected results. Workday climbed more than 7% at the opening bell, as the stock was upgraded to outperform from market perform by FBR Capital. Canaccord Genuity analyst Richard Davis also raised his price target for Workday to $115 from $105, citing the company's "continued business momentum and upwardly revised outlook" that point to the company "becoming a multi-billion revenue cloud-based replacement of incumbent applications" from such companies as Oracle Corp. and SAP .Copyright © 2014 MarketWatch, Inc....

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