UPDATE: Wedbush Initiates Workday with Outperform on Cloud Computing Potential

In a report published Wednesday, Wedbush analyst Steve Koenig initiated coverage on Workday (NYSE: WDAY ) with an Outperform rating and $76.00 price target. In the report, Koenig noted, “WDAY is a play on the potential for cloud computing to fundamentally remake the $25B enterprise resource planning (ERP) market, just