Morgan Stanley analyst Craig Hettenbach notes that Salesforce (CRM) CEO Marc Benioff commented on the company’s earnings call that Novartis (NVS) has chosen Life Sciences Cloud, which is a development the the firm’s industry checks had been pointing toward. Salesforce also noted it has wins with five of the top 20 pharma companies and more broadly highlighted 120 wins, notes the analyst. While Veeva (VEEV) commented two weeks ago that changes in market share in CRM will have a limited impact on FY27, the “bigger question” is FY28/29, setting up “an important debate for the stock heading into next year,” according to the analyst, who keeps an Underweight rating and $222 price target on Veeva shares.
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