Veeva Systems (VEEV) PT Lowered to $245 at Baird

Baird analyst Jon Vruwink lowered the price target on Veeva Systems (NYSE: VEEV) to $245.00 (from $251.00) while maintaining a Outperform rating.

The analyst commented: "After Veeva raised guidance last quarter, the stock has not followed normal post-raise pattern, suggesting investors expect negative estimate revisions to resume. Against R&D spending concerns, we anticipated Medidata 3Q24 update to be more reassuring for Veeva sentiment, though difficult CRO reporting has garnered the attention. If there has been sudden change in spending patterns, Veeva services seem most likely for impacts; stock implications are perhaps best framed relative to well-trodden path (e.g., 30x FCF is 30% upside, 20x FCF is 10-15% downside)."

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