10:45 AM EDT, 08/15/2025 (MT Newswires) -- Workday's (WDAY) Q2 results are unlikely to be "significantly influenced" by major new catalysts, given the low expectations for the quarter, Oppenheimer said in a Friday note.

Oppenheimer analysts said they had "decent" field checks for the quarter, receiving positive feedback for business momentum in areas such as human capital management and partner channel.

The checks were bullish for Workday's agentic AI products in Q2, with its new AI business operating at near triple-digit growth rates "that look durable" heading into H2, they said.

Investors are underappreciating Workday's AI positioning, including its leadership in transactional-volume depth within human capital management and finance workflows and purpose-built AI applications that monetize on well-known customer inefficiencies, the analysts said.

Workday will report Q2 results on Aug. 21, and the analysts said they expect earnings risk to be tilted to the upside.

Oppenheimer kept its outperform rating and $300 price target.

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