Stifel Raises Price Target on Veeva Systems (VEEV) to $43 Following 2Q Beat and Raise
- Stock futures rise as flurry of deal activity boosts confidence
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- TD Ameritrade (AMTD) to Acquire Scottrade in $4B Cash & Stock Deal
- Oil prices fall as Iraq resists joining output cut
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Stifel reiterated a Buy rating on Veeva Systems (NYSE: VEEV), and raised the price target to $43.00 (from $40.00), following the company's 2Q earnings report. Total revenue of $131.3mn came in ahead of consensus of $126.5mn. EPS of $0.15 beat Street expectations of $0.13. Management issued 3Q17 guidance of $134.5-$136.0mn (Street $133.1mn) and $0.15-$0.16 (Street at $0.14).
Analyst Tom Roderick commented, "On August 30th, after the market close, Veeva delivered F2Q17 financial results that handily beat Street estimates for the quarter. The Vault story - which drove non-CRM revenues to 35% of total revenues in the quarter - continues to play out ahead of expectations, as numerous Vault lines are finding success at both installed and new customers. Meanwhile, the Commercial Cloud, anchored by CRM and PromoMats, but also demonstrating success with newer offerings like Events and Align, is emerging as a legitimate suite sale, boosting ASPs. Veeva somehow continues to exceed heightened expectations, and we believe investors are finally realizing that the power of the Vault story has the potential to exceed CRM at some point. We are maintaining our Buy rating while raising our Target Price to $43 from $40."
Shares of Veeva Systems closed at $37.64 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Reiterates Buy on PPG Industries (PPG) - PT to $113
- Jefferies Raises Price Target on FMC Technologies (FTI) After Adjusting Estimates
- Deutsche Bank Upgrades Consolidated Edison (ED) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesStifel, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!