Veeva Systems, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Craig Hettenbach from Morgan Stanley maintained a Sell rating on the stock and has a $222.00 price target.
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Craig Hettenbach has given his Sell rating due to a combination of factors impacting Veeva Systems. One of the primary concerns is the increasing competition from Salesforce, which has been gaining traction in the life sciences sector. Salesforce’s recent wins with several top pharmaceutical companies, including Novartis, indicate a shift in market dynamics that could challenge Veeva’s position.
Moreover, while Veeva has secured a significant deal with Roche, the potential for Salesforce to win additional contracts with major players like Sanofi and others poses a risk to Veeva’s future market share. Although Veeva has downplayed the immediate impact on its fiscal year 2027, the uncertainty surrounding fiscal years 2028 and 2029 remains a critical issue for investors. This competitive pressure and the potential for market share erosion contribute to Hettenbach’s cautious outlook on Veeva’s stock.