Stifel Raises Price Target on Veeva Systems (VEEV) Following Strong 3Q

Stifel reiterated a Buy rating on Veeva Systems (NYSE: VEEV), and raised the price target to $48.00 (from $45.00), following the company's 3Q earnings report. Total revenue grew 34% y/y to $142.8mn, beating consensus of $134.6mn. Non-GAAP EPS of $0.22 came in well ahead of consensus of $0.16, as operating margins of 33.3% benefited from a combination of revenue upside and some one-time reductions in marketing program spend and payroll taxes.

Analyst Tom Roderick commented, "On November 22nd, after the market close, Veeva delivered F3Q17 financial results that came in well ahead of consensus estimates for total revenue and non-GAAP EPS. In addition to Vault accounting for just over half of bookings in the quarter, other highlights included a CRM go-live with a top-20 pharma in the United States, a 7-figure deal with a top-20 pharma to go-live in China, and the company's largest deal ever in South Korea. We maintain our Buy rating and are raising our target price from $45 to $48 for shares of VEEV."

For an analyst ratings summary and ratings history on Veeva Systems click here. For more ratings news on Veeva Systems click here.

Shares of Veeva Systems closed at $41.56 yesterday.

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