Veeva Systems (VEEV) PT Lowered to $210 at Canaccord Genuity

Canaccord Genuity analyst David Hynes Jr. lowered the price target on Veeva Systems (NYSE: VEEV) to $210.00 (from $220.00) while maintaining a Hold rating.

The analyst commented: "The updated FY25 outlook: growth takes another step down. On a normalized basis (excluding the impact of TFC), Veeva’s updated outlook calls for 11% revenue growth (down from its prior 12% target) with that comprising 13% (down from 14%) subscription growth and 1% services growth (down from 6%). Additionally, it lowered its billings growth outlook to 10%, down from 12% prior. The reduction in growth was attributed to delayed implementation timelines, which primarily affect the services component of revenue. Despite the lower revenue outlook, management reiterated its operating income target, which implies a NGOM of ~39%, which continues to imply modest year-over-year margin leverage of ~100bps (adjusting for TFC). Looking out into next year, management stated that it is tracking to hit its long-term revenue run-rate target of $3B within CY25."

You May Also Be Interested In

• Goldman Sachs Upgrades Plains GP Holdings, L.P (PAGP) to Neutral
• Abivax (ABVX) PT Lowered to $136 at Wolfe Research
• BTIG Upgrades Medtronic, Inc. (MDT) to Buy