Veeva Systems (VEEV) PT Raised to $336 at Needham & Company
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Needham & Company analyst Ryan MacDonald raised the price target on Veeva Systems (NYSE: VEEV) to $336.00 (from $327.00) while maintaining a Buy rating.
The analyst commented, "We are reiterating our Buy rating, while increasing our PT to $336 from $327 following the company's strong close to FY21. VEEV saw broad-based strength across the Vault and Commercial Cloud businesses in 4QFY21. Notably, Veeva received a nice boost from the conversion of free Engage customers to paid during the final month of the quarter, which should flow through nicely into FY22. When combining this with the fact that management has not yet seen broad-based reductions in pharma sales headcount, we are optimistic that Commercial will not decelerate as quickly as previously feared. When adding in a healthy Vault pipeline across quality and clinical, we are confident in Veeva's ability to deliver 20%+ growth and near 40% OM, which warrants a premium valuation in our view."
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