Analyst Ryan MacDonald of Needham reiterated a Buy rating on Veeva Systems, retaining the price target of $355.00.
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Ryan MacDonald has given his Buy rating due to a combination of factors that highlight Veeva Systems’ strong position in the life sciences sector. The company has recently exceeded expectations in its third-quarter performance, which reinforces its significant potential in the market. Despite some concerns regarding the management’s revised outlook on securing major biopharma clients for its Vault CRM, Veeva’s success with over 100 active customers, including three of the top 20 biopharmas, showcases its robust execution capabilities.
Moreover, while competitors like Salesforce are still in the process of developing tailored solutions, Veeva is already capitalizing on additional growth opportunities in areas such as Safety and Quality. These factors suggest that the company’s medium-term objectives remain achievable, if not conservative, making any market weakness an attractive buying opportunity. MacDonald’s confidence in Veeva’s strategic direction and execution underpins his Buy recommendation.
In another report released today, Barclays also maintained a Buy rating on the stock with a $305.00 price target.