Veeva assumed with a Sell at Goldman Sachs

Goldman Sachs analyst Adam Hotchkiss assumed coverage of Veeva (VEEV) with a Sell rating and $215 price target Veeva faces a more challenging growth outlook as key products mature, competition in Commercial intensifies, and visibility into new product ramps remains limited, making it harder to sustain high-teens growth needed for long-term targets, the analyst tells investors in a research note. While valuation is reasonable, downside risk to consensus growth expectations and ongoing competitive pressure are likely to constrain multiple expansion, Goldman says.