Stan Berenshteyn, an analyst from Wells Fargo, maintained the Buy rating on Veeva Systems. The associated price target remains the same with $300.00.
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Stan Berenshteyn’s rating is based on Veeva Systems’ recent success in retaining key clients and the potential for future growth. Veeva has managed to retain six of the top 20 pharmaceutical companies as clients, which offsets the loss of two others. This retention is significant as it suggests a positive trend for Veeva, particularly when considering the savings from discontinuing Salesforce CRM licensing fees, which could absorb potential revenue losses from client departures.
Furthermore, Berenshteyn sees potential in Veeva’s Commercial Cloud segment, which is expected to experience growth following the migration to Vault CRM. The introduction of exclusive add-on products like Campaign Manager, Service Center, and Patient CRM is anticipated to generate substantial revenue, potentially matching the core CRM’s earnings. This combination of client retention and promising product developments underpins Berenshteyn’s Buy rating for Veeva Systems.
In another report released yesterday, Barclays also maintained a Buy rating on the stock with a $300.00 price target.
VEEV’s price has also changed moderately for the past six months – from $229.070 to $285.200, which is a 24.50% increase.