Wells Fargo analyst Stan Berenshteyn maintained a Buy rating on Veeva Systems (VEEV – Research Report) today and set a price target of $300.00.
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Stan Berenshteyn has given his Buy rating due to a combination of factors that highlight Veeva Systems’ promising growth trajectory. A key driver is the performance of Crossix, a company acquired by Veeva, which has demonstrated impressive revenue growth since its acquisition in 2019. Crossix’s revenue has increased significantly, showcasing a compound annual growth rate of approximately 20%, and is expected to continue this trend with further product innovations and integrations.
Additionally, Crossix’s integration with Veeva’s Vault CRM and other Commercial Cloud products is expected to enhance customer retention and utilization rates. The potential of Crossix to underpin Veeva Compass, identified by management as a major revenue opportunity, further strengthens the growth outlook. These factors, combined with a robust product pipeline and the ability to leverage data-driven insights, support Berenshteyn’s optimistic view on Veeva Systems’ stock.