WDAY - Workday Anaplan upgraded at Barclays ahead of increased IT spending

Enterprise IT spending will increase in the second half of year as the economic reopening continues, prompting Barclays to upgrade Workday (NASDAQ:WDAY) and Anaplan (NYSE:PLAN) to Overweight. Analyst Raimo Lenschow says the companies stand out for their relatively low valuations and both have underperformed the Software index and SaaS peers since the start of the pandemic. "Nearly 15 months since the pandemic started, we believe that we are starting to see green shoots that indicate demand for WDAY and PLAN snap back" in the second half of 2021, writes the analyst. Workday (WDAY) shares are up slightly to $234.57. Anaplan (PLAN) is up 0.7% to $56.35. Last month, Workday stock slid after Amazon canceled its planned human-resources software deployment.

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Workday, Anaplan upgraded at Barclays ahead of increased IT spending