Veeva Systems (VEEV) PT Raised at Piper Sandler on 'Improving Visibility'

Piper Sandler analyst Brent Bracelin raised the price target on Veeva Systems (NYSE: VEEV) to $355.00 (from $325.00) while maintaining a Overweight rating.

The analyst commented: "Raising PT to $355 on Improving Visibility; Upside Driven by R&D Acceleration; The $42M full-year guide-up after reporting another strong quarter punctuated by a $22M beat (3% above the mid-point guide) suggests that visibility continues to improve into the 2H driven by robust new contract and renewal activity. The mix shift to R&D subscription revenue that rose to 53% of sales coupled with a slight acceleration in y/y R&D growth to 21.5% (vs. 20.8% prior) give us confidence that VEEV has a clear path to sustaining a Rule of 50 business model well into the future. Furthermore, the IQVIA dispute resolution has the potential to unlock another leg of incremental growth as it turns from competitor to partner for the first time in a decade. We raise our PT to $355 from $325 to reflect increasing confidence in execution. Given outsized shares gains with VEEV +40% YTD (vs. +7% IGV), we advise large-cap growth investors to add to core positions on pullbacks."

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