Stephens Upgrades Veeva Systems (VEEV) to Overweight

May 30, 2019 7:09 AM EDT
Get Alerts VEEV Hot Sheet
Price: $328.38 -1.41%

Rating Summary:
    20 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 25 | Down: 37 | New: 115
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Stephens analyst James Rutherford upgraded Veeva Systems (NYSE: VEEV) from Equal Weight to Overweight with a price target of $155.00 (from $130.00).

The analyst comments "Our upgrade comes after Veeva put up a very strong F1Q, raised the full-year outlook for both its Commercial Cloud business and its Vault business, and gave additional proof points for its Vault outside of life sciences (OLS) opportunity. We have always admired the Veeva business with its strong 20%+ growth, industry-leading margins, and superb management team. But we couldn't get over the valuation hump. To justify our new, higher price target, we have constructed a 8-year-out scenario analysis using what we'd consider aggressive yet believable market-share assumptions. Even at today's valuation, we think VEEV represents a good investment opportunity for longer-term focused investors."

For an analyst ratings summary and ratings history on Veeva Systems click here. For more ratings news on Veeva Systems click here.

Shares of Veeva Systems closed at $144.38 yesterday.

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