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Workday (WDAY) Stock Downgraded at Pacific Crest

NEW YORK (TheStreet) -- Shares of Workday (WDAY - Get Report) are down 0.77% to $76.36 in mid-morning trading on Monday after the enterprise cloud company's stock rating was lowered to "sector weight" from "overweight" at Pacific Crest Securities.

Workday's stock has rallied 57% from February lows, regaining its position as one of the most expensive stocks in the software as a service sector, Pacific Crest analysts wrote in a note released before today's market open.

"While still an industry leader, it is likely that Workday's competitive position could...