Stifel Raises Price Target on Veeva Systems (VEEV) Following Analyst Day
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Stifel reiterated a Buy rating on Veeva Systems (NYSE: VEEV), and raised the price target to $45.00 (from $43.00), following the company's analyst day. During its presentation, management segmented its two product areas as Commercial Cloud and Vault for the first time. Management highlighted the "Veeva Way" as its foundation for success, which at a high level includes building unified products that can achieve market leadership, leveraging a reference selling model and deep domain expertise to drive customer adoption, and promoting profitability in all areas of the business through disciplined investment.
Analyst Tom Roderick commented, "On September 29th, we had the opportunity to attend Veeva's annual Analyst day in New York City. With Veeva CRM on pace with management targets and Veeva Vault outperforming expectations, the company reaffirmed its CY20 outlook, originally established at its 2015 investor day, including: $1bn+ revenue run-rate, ~50% non-CRM revenue as a percentage of total, 20 eight-figure customers, and 500+ unique customers. Additionally, the company spent a significant portion of its presentation discussing its expanding product set and providing a detailed outlook on the technology landscape a typical prospect faces as they consider adopting solutions like Veeva's. We maintain high conviction in the company's ability to execute on its long-term targets and are thus maintaining our Buy rating while also raising our price target to $45 from $43."
Shares of Veeva Systems closed at $41.41 yesterday.
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