William Blair analyst Dylan Becker has maintained their bullish stance on VEEV stock, giving a Buy rating on July 14.
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Dylan Becker has given his Buy rating due to a combination of factors that highlight Veeva Systems’ strong market position and growth potential. One significant reason is Veeva’s recent success in securing Merck as the sixth top-20 pharmaceutical customer to migrate to its Vault CRM platform. This move underscores Veeva’s competitive edge in the CRM space, especially as Salesforce has yet to offer a comparable product.
Furthermore, Becker notes that Veeva’s strategy of owning the underlying infrastructure of its platform allows for accelerated innovation and product development. This strategic advantage not only helps in retaining its substantial market share but also opens up opportunities for cross-selling and value creation. Additionally, while Veeva’s commercial business is crucial, Becker emphasizes the potential of the company’s clinical R&D suite as a significant driver towards achieving its ambitious revenue target of $6 billion by 2030.
In another report released on July 14, Wells Fargo also maintained a Buy rating on the stock with a $300.00 price target.