Veeva Systems (VEEV) PT Lowered to $320 at FBN Securities, Following Earnings

FBN Securities analyst Shebly Seyrafi lowered the price target on Veeva Systems (NYSE: VEEV) to $320.00 (from $350.00) while maintaining a Outperform rating.

Analyst says: "We are lowering our PT to $320 to reflect lower estimates going forward. VEEV provided preliminary guidance for F2023 which includes revenue at $2.15B-$2.17B (up 17%-18% Y/Y and slightly below consensus of $2.18B), and NG operating margin of 38% (which would represent a decline of ~2.7pp Y/Y). We therefore arrive at an estimated F2023 NG EPS estimate of $3.94 (below consensus of $4.07)."

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