12:50 PM EDT, 05/15/2024 (MT Newswires) -- Workday's (WDAY) start to fiscal 2025 may be "slow" with the earnings risk weighing on the company in fiscal Q1, based on "lackluster" partner checks and trends in hiring data, Oppenheimer said Wednesday.

The firm expects, based on partner checks, that the company would have a "soft" quarter especially in North America. Workday is scheduled to release fiscal Q1 results on May 23.

But those checks are upbeat at the same time about a robust rebound for the company in fiscal Q2, Oppenheimer said.

Year-to-date the company has underperformed as the business was pushed into the second quarter, but the brokerage believes expectations will normalize, while business activity rebounds in Q2 as the company's partner have indicated.

Oppenheimer cut Workday's price target to $320 from $350 with an outperform rating.

Price: 248.75, Change: +1.87, Percent Change: +0.76