Needham & Company Reiterates Buy on Veeva Systems (VEEV) Following New Product Announcement
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Needham & Company reiterated a Buy rating and $46.00 price target on Veeva Systems (NYSE: VEEV) following the company's announced new products. Needham believes that the new Electronic Data Capture (EDC) and Vault eSource applications deepen the company's R&D platform, and expand TAM by $2B.
Analyst Scott Berg commented, "Veeva announced two new products that we believe expand the company’s TAM by at least $2B and could extend its 30% revenue growth profile at least a couple additional years. Overall, we like these new products as they extend the platform further into R&D operations for Life Science customers that it has had success with since introducing the Vault platform, and they create a unique and high-value proposition when combined with Vault eTMF and Vault submissions. We believe VEEV can leverage this early Vault success to gain early adopters for its new EDC application. However, we believe displacing vendors in the EDC segment will likely be more difficult than selling the Vault content management solutions as existing EDC solutions have more innovation and are more deeply integrated into R&D workflows than content management."
Shares of Veeva Systems closed at $37.91 yesterday.
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