Needham & Company Raises Price Target on Veeva Systems (VEEV) Following 2Q report
Needham & Company reiterated a Buy rating Veeva Systems (NYSE: VEEV) price target of $43.00 (from $38.00), following the company's 2Q earnings report. VEEV reported Revenues and EPS of $131.3mm and $0.15, ahead of $126.3mm/$0.13 estimates.
Analyst Scott Berg commented, "Veeva reported another impressive quarter with revenue and EPS upside along with billings outperformance driven by across the platform sales strength. We remain most impressed with the sales traction in the company's Vault platform, which we believe the recent results highlight as an end market opportunity that continues to outpace Street expectations. We believe the faster the expected Vault adoption rates speak highly about its functionality, which should bode well as VEEV moves into adjacent verticals. We remain buyers of the stock and increase our PT to $43, as we believe Vault momentum could be sustainable over the near term with new market entries and combined with Y/Y operating margin expansion likely in FY18 for the first time in three years."
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Shares of Veeva Systems closed at $37.64 yesterday.