EW (Outperform) – Raising PT to $190 from $165 rolling to 2020 and including more credit for mitral platform and expect next week’s investor day to be a positive catalyst. We see a favorable 4Q’18 set-up and expected TAVR growth acceleration into 2019 post low risk data at ACC in March.
Cowen_EW.pdfWDAY (Market Perform) - Raising PT to $160 from $145. Consistent with our preview WDAY reported a solid qtr with est. ST sub billings growth of 43% coming in ahead of our 34% estimate. The qtr benefited from some deals pulling in from 4Q to 3Q but 4Q billings guidance was in-line with consensus. We continue to believe WDAY s growth momentum is seeing some improvements but at 10x EV/CY19E Sales we feel its mostly priced in. Raise PT to 160.
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