BTIG analyst David Larsen maintained a Buy rating on Veeva Systems yesterday and set a price target of $340.00.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
David Larsen has given his Buy rating due to a combination of factors that highlight Veeva Systems’ strong financial performance and strategic positioning. The company reported impressive third-quarter results with revenue and adjusted operating income surpassing expectations, leading to an upward revision of its full-year guidance for key financial metrics. This robust performance is driven by growth in both the subscription and services segments, indicating a healthy demand for Veeva’s offerings in the bio-pharma sector.
Furthermore, Veeva’s dominance in bio-pharma commercialization and its momentum in research and development are notable. The company’s Vault CRM platform continues to gain traction, evidenced by the addition of new customers, including a top 20 bio-pharma company. Despite some potential customer migration to competitors, Veeva’s partnership with IQVIA and its comprehensive platform provide a competitive edge. Additionally, the diversification of revenue streams and the company’s strategic goals, such as the 2030 revenue target, underscore its long-term growth potential, supporting the Buy rating.
VEEV’s price has also changed moderately for the past six months – from $240.780 to $270.500, which is a 12.34% increase.