TD Cowen analyst Charles Rhyee upgraded the rating on Veeva Systems to a Buy today, setting a price target of $380.00.
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Charles Rhyee has given his Buy rating due to a combination of factors that suggest Veeva Systems is poised for significant growth. One of the key reasons is the company’s successful replatforming of its CRM system, which has mitigated competitive threats, particularly from Salesforce. Veeva has secured contracts with a majority of the top pharmaceutical companies, reinforcing its leadership position in the market.
Additionally, the shift in the pharmaceutical industry towards insourcing and functional service provider models is expected to increase demand for Veeva’s integrated platform. This trend, coupled with the stabilization of biotech funding, supports a positive outlook for Veeva’s R&D subscription revenue growth. Furthermore, the partnership with IQVIA is anticipated to open new opportunities, particularly in electronic data capture, enhancing Veeva’s potential for expansion in the clinical software space.
In another report released on September 22, Stifel Nicolaus also maintained a Buy rating on the stock with a $320.00 price target.