Bristol Myers commitment a reminder of Veeva’s progress, says Stifel

Stifel analyst David Grossman reiterated a Buy rating and $320 price target on Veeva (VEEV) after the company said that Bristol Myers (BMY) committed to Veeva Vault CRM, marking yet another top-20 Pharma customer formally committing to the platform, joining the likes of Merck (MRK), Novo Nordisk (NVO), GSK (GSK), Bayer (BAYRY), and Astellas (ALPMY). The firm noted that the company also got a verbal commitment from Gilead Sciences (GILD). While Monday’s announcement is not incremental, the formal announcement is a reminder of Veeva’s progress in converting the IB to the new platform, the analyst tells investors in a research note.