In a report released yesterday, David Grossman from Stifel Nicolaus maintained a Buy rating on Veeva Systems, with a price target of $320.00.
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David Grossman’s rating is based on Veeva Systems’ strong financial performance and growth prospects. The company reported a notable increase in revenue and earnings per share for the third quarter, surpassing market expectations. This positive performance was driven by broad-based strength in subscription services, which constitute a significant portion of Veeva’s revenue.
Despite concerns regarding customer relationship management (CRM) transitions, Grossman believes these challenges are manageable. The anticipated migration of several top pharmaceutical companies to Veeva’s Vault CRM is expected to offset potential revenue headwinds. Furthermore, the company’s valuation appears attractive given its double-digit growth potential, making it a compelling investment opportunity despite short-term sentiment-related challenges.
In another report released today, Needham also reiterated a Buy rating on the stock with a $355.00 price target.
VEEV’s price has also changed moderately for the past six months – from $240.780 to $270.500, which is a 12.34% increase.