Stephens Upgrades Veeva Systems (VEEV) to Overweight
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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."
Shares of Veeva Systems closed at $144.38 yesterday.
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