Workday’s (NASDAQ: WDAY) reported strong Q1 earnings and guidance, which should not be too surprising, as the AI-driven SaaS apocalypse isn’t quite what it was made out to be. Utility-providing platforms such as Workday are leaning hard into AI; AI applications are in increasing demand, and business is good.

For Workday, as evidenced by the post-release stock price action, a likely outcome is a stock price rebound, potentially including the full recovery of lost shareholder value. In this scenario, WDAY’s stock price could return to the upper end of its long-term trading range, adding more than 100% to its stock price.

Valuation metrics suggest the 100% stock price target is an easy reach. The company traded at only 11X its…