Veeva Systems (VEEV) PT Lowered to $275 at Raymond James

Raymond James analyst Brian Peterson lowered the price target on Veeva Systems (NYSE: VEEV) to $275.00 (from $320.00) while maintaining a Outperform rating.

The analyst comments "We’re maintaining our Outperform on shares of VEEV following F4Q results that broadly topped our expectations, with a low double-digit growth outlook that we believe should prove conservative. While Veeva isn’t immune from volatility in software sentiment, we believe shares look increasingly attractive given 1) a consistent GTM motion and growth profile in the low double digits that has shown little degradation in recent years; 2) strategic positioning with customers of vertical-specific software; 3) a broad platform of functionality that shows ramping adoption across both R&D and Commercial; and 4) deployment of a recent $2B share repurchase authorization that marks a notable change in capital deployment strategy. As investors appreciate that Veeva’s position with customers is on solid footing, we suspect that the stock should re-rate higher versus after hours levels at ~18x our CY27 FCF estimate."

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